Repsol has sold a stake in its 127MW Kappa solar plant to Pontegadea, part of the investment company Amancio Ortega.
Pontegadea has invested €27m to acquire 49% of Kappa, situated in Manzanares, with the asset valued at €109m in the transaction, including the project debt.
Kappa has been fully operational since 2021 and consists of three plants, Perseo Foton 1, Perseo Foton 2 and Perseo Foton 3.
The deal is Repsol’s second transaction with Amancio Ortega’s investment company, which acquired 49% of the Delta wind farm in November 2021.
The transaction is Repsol’s third turnover of renewable assets after the Delta wind farm and the Valdesolar solar plant.
Repsol CEO Josu Jon Imaz said: “We are proud to strengthen our partnership with Pontegadea through another equity stake in a second Repsol renewable asset.
“Their confidence in our project will allow us to continue growing steadily in this business created just over three years ago.”
Roberto Cibeira, CEO of Pontegadea, added: “This second transaction with Repsol responds to Pontegadea’s global investment strategy, consolidating the environmental commitment that accompanies all the activities in our portfolio and reinforcing our firm commitment to sustainability, hand in hand with a reference partner such as Repsol.”