Repsol acquires Asterion Energies, which manages a portfolio of 7,700 MW renewable assets in Spain, Italy and France, from the European infrastructure fund Asterion Industrial for 560 million euros, plus a maximum of 20 million in contingent payments.
The operation marks a new milestone in compliance with Repsol’s 2021-2025 Strategic Plan, which plans to reach 6,000 MW of installed renewable generation capacity in 2025 and 20,000 MW in 2030.
Repsol thus reinforces its presence in key European markets and consolidates its international expansion in OECD markets. The company already has more than 1,600 MW of installed renewable capacity in Spain, the United States, Chile and Portugal.
Josu Jon Imaz, CEO of Repsol: “We are materializing our ambition to be leaders in the energy transition with firm steps, such as this acquisition of assets, to meet our goals of growth, diversification and focus on multi-energy. The projects and the The human talent that we incorporate with this transaction perfectly complements our strategy”.
Jesús Olmos, CEO of Asterion Industrial: “We are proud to have created this European platform from scratch and to have achieved exponential growth in the last three years. We are convinced that Repsol is the ideal partner to continue this story of growth and continue contributing with it to the energy transition”.
Repsol has today signed the acquisition of Asterion Energies from the European infrastructure fund Asterion Industrial for 560 million euros, plus a maximum of 20 million in contingent payments. The transaction is an important milestone in Repsol’s ambition to become a global player in renewable energy and reinforces the company’s position in key markets in Europe.
Asterion Energies, a development platform created by Asterion in 2019, manages a portfolio of projects mainly under development of 7,700 renewable megawatts (MW) in Spain (84%), Italy (12%) and France (4%), stable markets and with great potential.
Asterion Energies’ portfolio of assets includes 4,900 MW of solar photovoltaic and 2,800 MW of wind generation, of which 2,500 MW are in an advanced stage of development or under construction. In addition, Asterion Energies has an expert team in the development of renewable and storage projects that will be incorporated into Repsol’s ambitious growth project in this business.
For Josu Jon Imaz, CEO of Repsol, “we are materializing our ambition to be leaders in the energy transition with firm steps, such as this acquisition of assets, to meet our goals of growth, diversification and focus on multi-energy. The projects and the human talent that we incorporate with this transaction perfectly complements our strategy”.
Jesús Olmos, CEO of Asterion Industrial, commented: “We are proud to have created this European platform from scratch and to have achieved exponential growth in the last three years. We are convinced that Repsol is the ideal partner to continue this story of growth and continue contributing with it to the energy transition”.
The operation is subject to the usual approvals in this type of transaction.
Growing international presence in renewables
Since becoming the first company in its sector to commit to reaching net zero emissions by 2050 in 2019, Repsol has materialized its objectives of geographically diversifying its renewables business, complementing its capacities, improving its portfolio and creating a solid platform with great growth potential, with the ambition to be a global operator of low emissions.
The 2021-2025 Strategic Plan contemplates reaching 6,000 MW of installed capacity in 2025 and 20,000 MW in 2030. Repsol’s current portfolio of installed renewable generation projects, before the transaction, amounts to a total of 1,600 MW. The company has 1,470 MW of installed renewable capacity in Spain, 62.5 MW in the United States, 96 MW in Chile and 3 MW of the WindFloat Atlantic floating wind farm (Portugal). In addition, it already has more than 2,000 MW under construction: 1,180 MW in Spain, 719 MW in the United States and 120 MW in Chile.
Among its most notable operating assets in Spain is the Delta wind farm, in Aragón (335 MW); the Valdesolar photovoltaic plant, in Badajoz (264 MW), and the Kappa photovoltaic complex, located in Ciudad Real (126.6 MW). The Delta and Kappa projects are 49% owned by Pontegadea, one of the world’s leading investment groups, and Valdesolar’s, also 49% owned, by The Renewables Infrastructure Group (TRIG). These entry transactions of a minority shareholder, carried out in November 2021, March and July 2022 respectively, implied the consolidation of an asset rotation model in which its double-digit profitability is reinforced. As for the Delta II wind project, whose works began in 2021, two of its 26 farms are already operational. This Aragonese facility, once completed, will have a capacity of 860 MW, being the company’s largest renewable project to date.
In addition, in June 2022, Repsol incorporated EIP and Crédit Agricole Assurances as partners in Repsol Renovables, an operation that valued that unit at 4,383 million euros.
Repsol also has other projects under development in Spain totaling more than 700 MW: the PI wind farm, located in Castilla y León; the Sigma photovoltaic, in Andalusia; and two photovoltaic located in the provinces of Alicante and Guadalajara, which are in administrative processing. The company also has a significant hydroelectric portfolio in northern Spain (Aguayo-Aguilar, Navia and Picos), with an installed capacity of 693 MW and an ambitious project to expand the Aguayo pumping station when regulatory conditions allow.
Presence in the American continent
Repsol entered the United States renewable energy market, one of the largest and with the greatest growth potential in the world, after the purchase of 40% of Hecate Energy. This group, specialized in the development of photovoltaic solar projects and batteries for energy storage, has a wide portfolio of projects, totaling more than 40,000 MW. Through this agreement, Repsol operates its first renewable project in the country, Jicarilla 2, located in New Mexico, with a total installed capacity of 62.5 MW. In the same location, Repsol is developing another photovoltaic plant, Jicarilla 1, with 62.5 MW of installed capacity and 20 MW of battery storage. In addition, the company is building the 637 MW Frye photovoltaic solar project in the state of Texas, the company’s largest renewable facility in the country to date, which will come online in 2024; and has approved the final investment decision for the 629 MW Outpost solar park.
In Chile, the alliance with the Ibereólica Renovables Group gives Repsol access to a portfolio of projects in operation, construction and development of more than 1,600 MW until 2025 and the possibility of exceeding 2,600 MW in 2030. This joint venture has ended the construction of the Cabo Leones III wind farm, with a capacity of 188 MW, and is currently building the Atacama project, with a total installed capacity of up to 180 MW.