Oil major Repsol to buy 7.7GW European wind and solar portfolio

The deal to buy investment platform Asterion is “an important milestone in Repsol’s ambition to become a global player in renewable energy and strengthens the company’s position in key markets in Europe”, the energy firm stated.

Asterion Energies’ 7.7GW asset portfolio is made up of 4.9GW of solar PV and 2.8GW of wind spread across France, Spain and Italy. 

Of this portfolio, 2.5GW is at an advanced stage of development or under construction. The wind assets are located in Spain (2.6GW) and Italy (143MW).

Repsol aims to reach 6GW of installed renewable generation capacity by 2025 and 20GW by 2030. 

Prior to this transaction, Repsol’s portfolio of renewable generation projects totaled 1.6GW, with 1,470MW of installed renewables capacity in Spain, 62.5MW in the United States, 96MW in Chile, and 3MW off Portugal.

The deal is subject to standard approvals for this type of transaction. Repsol has also agreed to pay up to €20 million in “contingency payments” – though it is not clear what these additional fees are contingent upon.

Repsol CEO Josu Jon Imaz said: “We are realising 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.”