The Spanish billionaire Amancio Ortega, the founder of the clothing brand Zara, entered the renewable energy sector by purchasing a stake in a wind farm owned by the energy giant Repsol.
Ortega’s investment company Pontegadea will pay â¬ 245 million ($ 281 million) for a 49 percent stake in the Delta wind farm in the northern province of Zaragoza, Repsol said in a statement Thursday.
The wind farm, which opened in March, will produce 992 gigawatt hours (GWh) of 100 percent renewable energy per year, which corresponds to the average annual consumption of 300,000 households, added the Spanish company.
Pontegadea CEO Roberto Cibeira said the deal “strengthens the environmental commitment that accompanies all activities in our portfolio”.
Ortega’s stake bought five percent of the shares in the Spanish gas network operator Enagas in 2019 and holds five percent of the shares in the Spanish electricity network operator Red Electrica.
This is Pontegadea’s first renewable energy operation.
The demand for renewable energy has skyrocketed in recent years, with investors spending billions of dollars to get involved in the sector as governments promote low carbon energy and crack down on fossil fuels to fight global warming.
Ortega’s Pontegadea owns 59.3 percent of the shares in Zara owner Inditex and has invested billions in first-class office and shopping districts.
These are largely debt-free purchases with dividend distributions from Inditex.
Pontegadea’s global real estate empire includes Facebook and Amazon offices in Seattle and much of London’s Oxford Street.
Ortega, 85, became a billionaire at 65 and the richest man in Spain at 65 when Inditex went public in 2001. With the funds of the IPO, Pontegadea was established, which is structured as a limited liability company.