Repsol has acquired renewables manager Asterion Energies for a total of €560m plus contingent payments of up to €20m.
Asterion manages a 7700MW portfolio of renewable assets of in Spain (84%), Italy (12%), and France (4%) for European infrastructure fund Asterion Industrial.
The company’s asset portfolio includes 4900MW of PV solar and 2800MW of wind generation, of which 2500MW 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.
CEO of Repsol Josu Jon Imaz said: “We are realising our ambition to be leaders in the energy transition by 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 of Asterion Industrial, added: “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.”