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    Repsol and Amancio Ortega partner in Kappa photovoltaic solar park


    July 29, 2022 - CE Noticias Financieras

     

      Repsol and Pontegadea partner again in a renewable project. Pontegadea, one of the world's leading private investment groups, has acquired, for 27 million euros, a 49% stake in the Kappa photovoltaic complex, located in Manzanares (Ciudad Real). This investment, in a facility fully operational since 2021 and with a total installed capacity of 126.7 MW, is the second operation in renewables of this company of Amancio Ortega after having taken, last November, a similar stake in the Delta wind farm of the multi-energy company. The deal values Kappa at 109 million euros, including the project's debt. The facility has three plants: Perseo Fotón I, Perseo Fotón II and Perseo Fotón III. It consists of 285,331 solar modules and, according to Repsol, is capable of producing electricity equivalent to the demand of 71,000 homes (some 177,500 people), avoiding the emission into the atmosphere of around 107,600 tons of CO2 each year, which is equivalent to the carbon dioxide absorption of 13.5 million trees.

      On November 11, Pontegadea invested 245 million euros to take a 49% stake in Delta, a wind farm located in the province of Zaragoza. For Repsol, this is the third transaction in which it brings in a minority partner, given that in March 2022 it also incorporated The Renewables Infrastructure Group (TRIG) in the photovoltaic plant Valdesolar (Valdecaballeros, Badajoz) for 49%.

      Josu Jon Imaz, CEO of Repsol: "We are proud to strengthen our alliance with Pontegadea through another entry of its capital in a second renewable asset of Repsol. Their confidence in our project will allow us to continue growing steadily in this business created just over three years ago".

      Roberto Cibeira, CEO of Pontegadea: "this second transaction 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 such as Repsol".

      Repsol's Board of Directors approved last June the sale of a 25% stake in Repsol Renovables to the consortium formed by French insurer Crédit Agricole Assurances and funds managed by Switzerland-based Energy Infrastructure Partners (EIP). According to Repsol, the incorporation of Crédit Agricole Assurances and EIP as partners brings with it "an investment commitment that reinforces Repsol Renovables' growth in line with the ambitious goals of its Strategic Plan to reach 6 GW of renewable generation by 2025 and 20 GW by 2030."

      The oil company currently declares "a portfolio of more than 1.6 GW of installed renewable capacity" and is present in Spain, the United States and Chile. In addition, it also participates in the WindFloat offshore wind project in Portugal.

      Amancio Ortega

      The Pontegadea Group is formed by the group of companies owned by Amancio Ortega Gaona. Pontegadea controls a majority stake in Inditex (59.29% of the capital) and is one of the world's leading private real estate asset managers, with a portfolio of prime assets located in Europe, America and Asia. Pontegadea also has other financial investments and stakes in infrastructure companies.

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