Repsol, the Spanish energy company, is reportedly planning to divest a 49% stake in wind farms and photovoltaic power plants located in Spain, according to three sources familiar with the matter who spoke to Reuters on Wednesday.
The transaction is estimated to be valued between 700 million and 800 million euros ($771-$881 million), as confirmed by one of the sources, in line with an earlier report by Spanish news website El Confidencial.
These renewable energy plants, which are either operational or nearing completion, boast a combined capacity of 600 megawatts. They are situated in various regions including Andalusia, Aragon, Castile-La Mancha, and Castile and Leon, as shared by the sources who requested anonymity due to the lack of authorization to disclose information on the subject.
Repsol's spokesperson declined to provide any comments regarding the matter.
Spain, with its sun-drenched plains, well-dammed rivers, and windy hillsides, has emerged as an attractive destination for investors seeking renewable energy projects. The Spanish government aims to reduce greenhouse gas emissions by 30% below the 1990 levels by 2030, further bolstering the appeal of such investments.
Repsol's move aligns with a broader trend among investors and utility companies, who are seeking to raise funds by divesting stakes in existing ventures in order to finance new projects in the renewable energy sector.
