Amancio Ortega has announced a new operation in renewables. Through Pontegadea, it has signed an alliance with Repsol to acquire 49% of the Kappa photovoltaic complex located in Manzanares (Ciudad Real) for a total of 27 million euros, as announced by both companies in a statement.
The agreement means valuing Kappa at 109 million euros, including the project’s debt. The facility has been fully operational since 2021 and has a total installed capacity of 126.7 MW.
Likewise, the renewable complex has three plants: Perseo Foton I, Perseo Foton II and Perseo Foton III. It also has 285,331 solar modules and enables it to supply electricity from renewable sources to 71,000 homes -some 177,500 people-, avoiding the emission into the atmosphere of about 107,600 tons of CO2 each year, which is equivalent to the absorption of carbon dioxide from 13 .5 million trees.
This investment is the second operation in renewables by Amancio Ortega’s investment vehicle after having acquired it last November for 245 million euros. Likewise, this Wednesday the founder of Inditex also announced his foray into hydrogen.
For Repsol, this is the third transaction in which a minority shareholder has entered, since in March it also incorporated The Renewables Infrastructure Group (TRIG) to 49% of the Valdesolar photovoltaic plant (Valdecaballeros, Badajoz).
“We are proud to reinforce our alliance with Pontegadea through another entry of its capital into a second Repsol renewable asset. Their confidence in our project will allow us to continue growing steadily in this business created a little over three years ago”, has the CEO of Repsol, Josu Jon Imaz, stood out.
For his part, Roberto Cibeira, the CEO of Pontegadea, pointed out that the second operation with Repsol “responds to Pontegadea’s global investment strategy, consolidating the environmental commitment that accompanies all the activities in our portfolio, and reinforces our firm commitment to sustainability, hand in hand with a reference partner like Repsol”.
Pontegadea and its energy commitment
With this investment in Kappa, Pontegadea continues with its investments in the energy sector where it also owns a 5% stake in Enagas, as well as -formerly Red Eléctrica Corporación- and , the operator of the Portuguese electricity network.
For its part, the oil company agreed in June to the consortium formed by the French insurer Crédit Agricole Assurances and funds managed by Energy Infrastructure Partners (EIP). This operation, whose main objective was to obtain liquidity to continue growing in the green business, valued the renewable subsidiary at 4,383 million euros (debt included).
Repsol Renovables currently has a portfolio of more than 1.6 GW of installed renewable capacity and is present in Spain, the United States, Chile and Portugal. The sale of the minority stake in Repsol Renovables, the subsidiary on which the oil company’s energy transition will revolve, will help the group accelerate its goal of reaching 20,000 renewable megawatts (MW) by 2030.
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