Repsol Buys RE Investment Platform Asterion Energies to Add 7.7 GW to Portfolio

Spanish multinational energy and petrochemical company - Repsol - has announced the signing of the acquisition of Asterion Energies from European infrastructure fund Asterion Industrial for EUR 560 million plus up to EUR 20 million in contingent payments. Repsol said it looks to become a global player in renewable energy and strengthen its position in key markets within Europe.

Asterion Energies is a renewable energy investment platform focused on Europe's energy transition. According to Repsol, Asterion manages a portfolio of renewable projects mostly under development totaling 7,700 megawatts (MW). Most of them are located in Spain (84%), Italy (12%), and France (4%) and all are stable markets with high development potential.

The official statement of Repsol held that 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.

Josu Jon Imaz, CEO, Repsol, said, "We are realizing 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".

Jesus Olmos, CEO, Asterion Industrial, commented, “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.”

Steady growth of Repsol

Repsol's present portfolio of renewable generation projects totals 1,600 MW. The company has 1,470 MW of installed renewables capacity in Spain, 62.5 MW in the United States and 96 MW in Chile. 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 has come up with a ‘2021-2025 Strategic Plan’ that envisages reaching 6,000 MW of installed renewable generation capacity by 2025 and 20,000 MW by 2030. In June 2022, the energy firm incorporated EIP and Crédit Agricole Assurances as partners in Repsol Renovables, a transaction that valued the business unit at EUR 4.383 billion.