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    Endesa seeks partner for 2,000 renewable megawatts

    September 18, 2023 - CE Noticias Financieras


      Endesa is seeking the entry of a strategic partner with a minority stake for a renewable portfolio of about 2,000 megawatts (MW) of power, financial sources told Europa Press.

      Specifically, this portfolio would include both projects in operation and under development, mostly photovoltaic, and the transaction would value the total portfolio at about 2,000 million euros. Sources at the electricity company declined to comment on the matter.

      According to 'Cinco Días', Endesa has entrusted Santander and Intesa San Paolo with the sale of this minority stake in this portfolio of renewable projects.

      At the end of the first half of the year, the electricity company led by José Bogas had 9,300 MW of renewable power (hydroelectric, solar and wind) in the Iberian Peninsula, 800 MW more than at the end of June 2022. Endesa's strategic plan for 2025 is to reach 13,900 MW of capacity.

      Usual strategy

      The entry of minority shareholders is a common strategy for financing the expansion of renewables by energy groups.

      In this sense, Iberdrola, for example, sealed a strategic alliance with the Norwegian sovereign wealth fund, managed by Norges Bank Investment Management, to co-invest in 1,265 megawatts (MW) of new renewable capacity in Spain and, in addition, both companies are working to expand the alliance to more than 500 MW of renewable capacity on the Iberian Peninsula.

      In addition, the electricity company led by Ignacio Galán also signed an alliance with Energy Infrastructure Partners to co-invest in the Wikinger offshore wind farm and boost its offshore wind portfolio, among other operations of this nature.

      Repsol was also considering the sale of a 49% stake in a portfolio of wind and photovoltaic projects in Spain, either in operation or about to come on stream, in line with its strategy of bringing in minority partners in these projects.

      These alliances through the entry of minority partners are also part of the oil company's strategy for the development of its renewable portfolio. Thus, in July last year it closed a new alliance with Pontegadea, the investment vehicle of the founder of Inditex, Amancio Ortega, to sell it a 49% stake in the energy company's photovoltaic complex 'Kappa', for 27 million euros.

      Previously, in November 2021, Repsol also sealed with the richest man in Spain and one of the largest fortunes in the world the sale of a similar stake in the wind farm 'Delta' with an investment of 245 million euros.

      Also in March last year, the group led by Josu Jon Imaz sold a 49% stake in the photovoltaic plant 'Valdesolar' to The Renewables Infrastructure Group (TRIG) for 117 million euros.

      Furthermore, in June 2022, Repsol closed the sale of a 25% stake in its renewables subsidiary to the consortium formed by Crédit Agricole Assurances and the Swiss fund Energy Infrastructure Partners (EIP) for 905 million euros, also assuming the corresponding part of the debt.


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