Spain-based private investment firm Pontegadea has agreed to acquire a 49% stake in a wind farm operated by Repsol for €245m ($280m).
The Delta wind farm is located in Zaragoza, Spain, and has a total installed capacity of 335MW. 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 its construction that December.
The asset currently features eight farms and 89 wind turbines.
Delta is expected to produce 992GWh of clean energy and offset one million tonnes of carbon dioxide emissions a year.
Pontegadea CEO Roberto Cibeira said: “This transaction, with a solid and reliable partner such as Repsol, is part of Pontegadea’s overall investment strategy and strengthens the environmental commitment that accompanies all the activities in our portfolio, whether in the energy sector, real estate asset management or textile distribution.”
The deal also helps Repsol complete its business model cycle in the renewables space while supporting its aim of obtaining double-digit returns in the segment.
Repsol CEO Josu Jon Imaz said: “Having Pontegadea as a partner in Delta confirms the quality of our assets and will allow us to accelerate our growth in renewables, within the framework of an efficient and sustainable energy transition, and with the goal of being a net-zero emissions company by 2050.”
Last month, Repsol announced plans to increase its renewable energy generation capacity by 60%, with the aim of having 20GW of installed capacity by 2030.
The company aims to have installed 6GW of capacity by 2025, an increase from the previous target of 5.2GW that it announced last November.