Repsol has initiated a new alliance with Pontegadea incorporating it as a partner, with a 49 per cent stake, in a portfolio of 618 MW of Spanish renewable assets for €363 million. The transaction values the total portfolio at €740 million.
Furthermore, this portfolio of assets is made up of twelve wind farms located in Huesca, Zaragoza, and Teruel (the region of Aragon), and Valladolid (Castile and Leon), with a total installed capacity of 398 MW, as well as two PV solar plants, located in Albacete (Castile-La Mancha) and Cadiz (Andalusia), with 220 MW. Additionally, the portfolio includes projects with hybridisation potential, which would add an additional 279.2 MW. The power generated by these assets jointly will avoid the emission of around 714,450 tons of carbon into the atmosphere annually.
In October 2023, Repsol commenced production of a 2.5 MW electrolyser at its Petronor refinery in Spain’s Basque Country and initiated the production of renewable hydrogen. According to the company, this initiative is a significant step forward for the Basque Hydrogen Corridor, a regional production and logistics facility promoted by Repsol and Petronor to expand renewable hydrogen applications and aid the local industrial sector.
REGlobal’s Views: This is Repsol’s third transaction with Pontegadea. Pontegadea acquired 49 per cent of the Delta wind farms in 2021 and of the Kappa photovoltaic complex in 2022. The company has similar arrangements with The Renewables Infrastructure Group, and has partnered with Credit Agricole Assurances and EIP to further its renewable energy growth. It targets to reach 20 GW of installed renewable power capacity by 2030.