Spanish energy company Repsol has acquired renewable energy firm Asterion Energies from Asterion Industrial, a European infrastructure fund, in a deal worth €560m plus contingent payments of up to €20m.
Asterion Energies manages a 7.7GW portfolio of renewable assets, which are mostly under development. Of these renewable projects, 84% are located in Spain, 12% in Italy, and the remaining 4% in France.
A total of 4.9GW of photovoltaic (PV) solar and 2.8GW of wind generation make up the company’s asset portfolio. Of these, 2.5GW are either at an advanced phase of development or being constructed.
Asterion Industrial CEO Jesus Olmos said: “We are proud to have created this European platform from scratch and to have achieved exponential growth over the last three years. We are convinced that Repsol is the ideal partner to continue this growth story and so contribute to the energy transition.”
Prior to the transaction, Repsol had 1.6GW of renewable energy projects in its portfolio. Its installed capacity is made up of 1.47GW in Spain, 96MW in Chile, 62.5MW in the US, and 3MW through the WindFloat Atlantic floating windfarm in Portugal.
Besides, Repsol has over 2GW renewable assets under construction. These include 1.18GW in Spain, 719MW in the US, and 120MW in Chile.
According to the company’s 2021-2025 strategic plan, it aims to reach 6GW of installed renewable generation capacity by 2025 and 20GW by the end of the decade.
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. The projects and human talent that we are incorporating with this transaction perfectly complement our strategy.”
Earlier this year, Repsol added Crédit Agricole Assurances and Energy Infrastructure Partners (EIP) as its partners to expand its renewables business, by agreeing to a 25% stake sale in Repsol Renovables for €905m.
Furthermore, Repsol acquired a 40% stake in Hecate Energy, a renewable energy firm with a portfolio of over 40GW of renewable assets, to enter the US renewable energy market.