Repsol has signed the acquisition of Asterion Energies from European infrastructure fund Asterion Industrial for €560 million plus up to €20 million in contingent payments. The transaction 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.
Asterion Energies manages a portfolio of renewable projects mostly under development totaling 7,700 megawatts (MW) in Spain (84%), Italy (12%), and France (4%), all of which are stable markets with high development potential.
Asterion Energies’ asset portfolio includes 4,900 MW of PV solar and 2,800 MW of wind generation, of which 2,500 MW are at an advanced stage of development or under construction. In addition, Asterion Energies has an expert team with experience in the development of renewable and power storage assets that will be incorporated into Repsol’s ambitious growth project in this business.
Repsol became the first company in its sector to commit to achieving zero net emissions by 2050. Since then, the company has advanced in the realization of its objectives of geographically diversifying its renewables business, complementing its capabilities, enhancing its portfolio, and creating a solid platform with a high growth potential, with the ambition of becoming a global renewables operator.
The company’s 2021-2025 Strategic Plan envisages reaching 6,000 MW of installed renewable generation capacity by 2025 and 20,000 MW by 2030. Repsol’s portfolio of renewable generation projects, prior to this transaction, totals 1,600 MW. The company has 1,470 MW of installed renewables capacity in Spain, 62.5 MW in the United States, 96 MW in Chile, and 3 MW from the WindFloat Atlantic floating windfarms in 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.
Repsol also has other projects under development in Spain totaling more than 700 MW: the PI wind farm, located in the region of Castile and Leon; the Sigma photovoltaic project, in the region of Andalusia; and two photovoltaic projects in the provinces of Alicante and Guadalajara that are currently undergoing administrative permitting. The company also has a significant hydroelectric portfolio in northern Spain, with an installed capacity of 693 MW as well as an ambitious project to expand the Aguayo pumping station when regulatory conditions allow.