Spanish energy company Repsol has acquired Asterion Energies from European infrastructure fund Asterion Industrial to expedite its growth in the renewable energy segment.

As per the terms of the deal, Repsol will pay a consideration of €560m ($594m) plus up to €20m ($21m) in contingent payments.

Asterion Energies has a 7.7GW of renewable project portfolio, which are mostly under development.

The portfolio is spread across various European regions including Spain (84%), Italy (12%), and France (4%). 

Asterion Energies’ asset portfolio includes 4.9GW of solar PV, while 2.8GW is wind, of which 2.5GW is in the advanced stages of development or under construction.

Asterion Industrial CEO Jesus Olmos said: “We are proud to have created this European platform from scratch and to have achieved exponential growth over the last three years.

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“We are convinced that Repsol is the ideal partner to continue this growth story and so contribute to the energy transition.” 

Under the agreement, Asterion Energies’ team will become part of Repsol.

Repsol CEO Josu Jon Imaz said: “We are realising our ambition to be leaders in the energy transition, taking firm steps, such as this asset acquisition, to meet our goals of growth, diversification, and focus on multi-energy.

“The projects and human talent that we are incorporating with this transaction perfectly complement our strategy.”

Completion of the transaction is subject to standard approvals.