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)

Join the free daily Renewables Now newsletter now!


Global Connected Work Platform Market Size and Forecast


French energy giant Total will set up an oil rig in Lebanon in 2023

Check Also