Spanish oil and gas major Repsol has gone the acquisition way to expand its current renewables portfolio of 1.6 GW by taking over Asterion Energies with its 7.7 GW strong wind and solar asset portfolio in Spain, Italy & France.
Asterion Energies manages a portfolio of assets for European infrastructure fund Asterion Industrial. Its assets comprise 4.9 GW solar PV and 2.8 GW wind energy facilities out of which 2.5 GW are at an advanced stage of development or under construction. All of these projects are majorly located in Spain, and the rest in Italy and France.
It is an important deal for Repsol as it targets reaching 6 GW of installed renewables capacity by 2025, and 20 GW by 2030 as part of its 2021-2025 Strategic Plan (see 20 GW Renewable Energy Capacity By 2030).Its current portfolio of 1.6 GW is located in Spain, the US, Chile and Portugal.
"We are realizing our ambition to be leaders in the energy transition, taking firm steps, such as this asset acquisition, to meet our goals of growth, diversification, and focus on multi-energy. The projects and human talent that we are incorporating with this transaction perfectly complement our strategy," said Repsol CEO Josu Jon Imaz.
Repsol had to shell out €560 million for the deal along with an additional €20 million in contingent payments.