Repsol and Engie bid for Spanish renewable energy platform with 6 GW portfolio – report

Oct. 18 (Renewables Now) – Spanish multi-energy group Repsol SA (BME:REP) and French utility group Engie SA (EPA:ENGI) bid to acquire Spain-based renewable energy platform with a project portfolio of more than 6 GW under development, reports Reuters.

Unnamed sources told the news agency that energy majors have submitted indicative bids for the Spanish firm without giving further details. Some of them cited a potential valuation for the target of around 750 million euros ($738.8 million), depending on interest.

Greenhill Investment Bank is handling the sale and collecting non-binding proposals. Apparently the potential divestment includes Asterion’s staff of 29.

Established in 2019, Asterion is a holding company created by Madrid-based investment management firm Asterion Industrial Partners. The platform invests in wind, solar and energy storage technologies in Spain, France and Italy. Its website shows it has over 6 GW of greenfield and brownfield projects in the pipeline.

To catch up with global decarbonization efforts, Repsol said last month it would raise billions of dollars to invest in renewables by selling a minority stake in its global upstream oil and gas business. Engie, for its part, has undertaken to allocate nearly 45% of its growth investments by 2023 to its renewable energy activity, aiming to add 4 GW of annual capacity over the period 2022-2025.

(1.0 EUR = 0.985 USD)

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