Renewable Energy M&A: Iberian O&G firms Repsol and Galp embrace strategic divestment to bolster renewable energy investments

Repsol has successfully completed the sale of a 49% stake in their renewable portfolio, which includes 398 MW of wind projects and 220 MW of solar projects, to Pontegadea for €363mn. This strategic move, valuing the deal at €1.2mn/MW, will allow Repsol to reinvest in new endeavors, similar to their recent entry into the US renewable market through the acquisition of ConnectGen.

In a similar vein, Portuguese firm Galp is planning to sell a 49% stake in its 1.6 GW solar PV portfolio in Spain for ~€780mn. If completed, the deal will be valued at €0.93mn/MW, which is in line with the median of deal metrics reported for operational solar assets transacted in the country during the last two years.

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The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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