Spain-based private investment firm Pontegadea has agreed to acquire a 49 percent stake in a wind farm operated by Repsol for €245 million ($280 million).
The Delta wind farm is located in Zaragoza, Spain, and has a total installed capacity of 335 MW. The project has been operational since last March.
The deal makes Pontegadea a partner in the Delta project and is said to be the company’s first renewable energy deal.
Delta is Repsol’s first wind project in Spain. The company acquired the project in June 2019 and began construction in December.
The facility currently includes eight farms and 89 wind turbines.
Delta is expected to produce 992 GWh of clean energy and offset one million tons of carbon emissions per year.
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Roberto Cibeira, CEO of Pontegadea, said: “This transaction, with a solid and reliable partner like Repsol, is part of Pontegadea’s overall investment strategy and reinforces the environmental commitment that accompanies all activities in our portfolio, be it in the energy sector or in real estate management or textile distribution .”
The transaction also helps Repsol complete its business model cycle in the renewable energy space while supporting its goal of achieving double-digit returns in this segment.
Josu Jon Imaz, CEO of Repsol, said: “Having Pontegadea as a partner at Delta validates the quality of our assets and will allow us to accelerate our growth in renewable energy as part of an efficient and sustainable energy transition and aiming to create a Net zero carbon companies by 2050.”
Last month, Repsol announced plans to increase its renewable energy generation capacity by 60%, aiming to have 20GW of installed capacity by 2030.
The company aims to have 6 GW of installed capacity by 2025, up from the previous target of 5.2 GW it announced last November.