PARIS (Agefi-Dow Jones)–The Credit Agricole Assurances group announced on Thursday that it would acquire, in partnership with the investment company Energy Infrastructure Partners (EIP), a 25% stake in Repsol Renovables, the branch of renewable energies of the Spanish group Repsol, on the basis of a valuation of 4.4 billion euros including the debt.
Repsol said in a separate statement that this stake in Repsol Renovables would be sold to the consortium for an amount of 905 million euros under an agreement approved on Wednesday at an extraordinary meeting of its board of directors.
Crédit Agricole Assurances indicated that the operation constituted a “new stage in its strategy” to support the energy transition and would contribute “to achieving [son] target of 14 gigawatts (GW) of installed capacity by 2025”.
Repsol Renovables has an installed generation capacity of 1.6 GW, made up of wind farms, photovoltaic farms and hydroelectric plants spread across Spain, Chile and the United States.
“Alongside Crédit Agricole Assurances and EIP, Repsol will pursue its strategic plan to increase its total installed capacity to reach 20 GW by 2030,” the French insurer said.
The consortium formed by Crédit Agricole Assurances and EIP expects to complete the transaction in the fourth quarter of this year, subject to customary closing conditions and regulatory approvals.
-Jérôme Batteau, Agefi-Dow Jones +33 (0)1 41 27 47 99; [email protected] ed: ECH
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June 09, 2022 12:38 ET (16:38 GMT)