Repsol sells 25% of its renewables business to EIP and Crédit Agricole for 905 million

Repsol's board of directors has today closed the sale of a 25% stake in its renewables subsidiary to the consortium formed by Crédit Agricole Assurances and the Swiss fund Energy Infrastructure Partners (EIP) for an amount of 905 million euros, also assuming the corresponding part of the debt, the company reported.

Repsol sells 25% of its renewables business to EIP and Crédit Agricole for 905 million

Repsol's board of directors has today closed the sale of a 25% stake in its renewables subsidiary to the consortium formed by Crédit Agricole Assurances and the Swiss fund Energy Infrastructure Partners (EIP) for an amount of 905 million euros, also assuming the corresponding part of the debt, the company reported. In this way, the operation involves valuing 100% of the subsidiary at 4,383 million euros, including debt and minority interests.

In November 2020, with the launch of its new strategic plan, the group gave itself a period of 18 months to sell a minority stake in this business or take it public.

At the end of last April, the CEO of the company, Josu Jon Imaz, already indicated that a final decision on the entry or not of a minority partner in its renewable business was expected to be made before the summer.

Repsol's CEO, Josu Jon Imaz, stated that having partners of this "prestige" for its renewables business reinforces "the validity of the company's strategy and ambition to be a relevant player in the energy transition, and gives fulfillment of our expectations in this important process”.

"Our goal is to reach an installed capacity of 6 GW in 2025 and 20 GW in 2030. As partners, they share our strategic vision to grow in renewables, bring their experience and underline the value of our growth platform," he added.

The operation, which will have economic effects from January 1, is expected to be completed before the end of the year, once the necessary regulatory authorizations have been received.

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