Pontegadea, the investment firm owned by Amancio Ortega, the founder of Inditex, is poised to expand its footprint in renewable energy by nearing an agreement with Repsol to acquire a 49% stake in its wind farms and photovoltaic power plants in Spain. The potential acquisition represents a strategic move for Ortega, known for his success in the fashion retail industry, to diversify his investments into the renewable energy sector.
The renewable projects being considered for purchase have a combined capacity of approximately 600 megawatts, with an estimated transaction value of around 700 million euros ($747.18 million), according to insiders. The deal may be finalized as early as the following week.
This deal aligns with Repsol’s broader strategy of transitioning from traditional oil and gas operations to renewables. To finance its shift, the Spanish oil company is divesting minority stakes in renewable projects. Other industry players, such as Spanish utility Iberdrola, are following a similar approach, divesting stakes in more mature projects to fund new ventures.
Repsol and Pontegadea have previously collaborated on similar transactions. In 2021, Repsol sold a 49% stake in a separate wind farm to Pontegadea for 245 million euros.
Pontegadea’s financial performance reflects its diversified investments and profitability. The company reported a net profit of 2 billion euros last year, an increase from 1.6 billion euros in 2021, largely driven by dividends from its holdings in Inditex.
The potential partnership between Pontegadea and Repsol underscores the growing significance of renewable energy investments in the global business landscape, attracting the interest of both traditional energy companies and entrepreneurs from other sectors.
