Statkraft connects 44.5-MW solar farm to grid in Spain
Sep 19, 2024 15:28 CESTSpanish multi-energy group Repsol SA (BME:REP) will raise billions of dollars for investments in renewable energies by selling a minority stake in its global upstream oil and gas business, according to an announcement on Wednesday.
US-based institutional investor EIG, through a new unit called Breakwater Energy, has signed an agreement to buy a 25% stake in Repsol Upstream for USD 4.8 billion (EUR 4.84bn), including debt. The subject of the deal is a newly-created exploration and production (E&P) firm that holds Repsol’s entire global upstream oil and gas activities.
The agreed transaction gives Repsol Upstream an enterprise value of some USD 19 billion. Closing is scheduled to take place within the next six months.
Repsol, which is keeping the remaining 75% in the E&P company, said in a statement that this partnership provides it with upfront capital for energy transition investments, including in renewable power generation, renewable fuels and circular products.
The new firm has its own green exploration business that targets Carbon Capture and Storage (CCS), geothermal and hydrogen storage projects. As a whole, Repsol Upstream is committed to reducing its greenhouse gas (GHG) emissions and is initially adopting its parent’s existing targets for a 75% cut of carbon intensity by 2025 from a 2016 baseline. It has also pledged to develop new short and medium-term GHG emissions reduction targets.
“Our ambition is to lead the energy transition, and this pioneering agreement allows us to maintain the strategic direction of the upstream unit and, at the same time, to boost the transformation of the company and its multi-energy profile to achieve zero net emissions by 2050,” said Repsol CEO Josu Jon Imaz.
(USD 1 = EUR 1.008)
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