Repsol, a Spanish energy and petrochemical company, based in Madrid, reached an agreement for The Renewables Infrastructure Group (TRIG), an investment firm managed by InfraRed, to acquire a 49% stake in the 264 MW Valdesolar solar project from Repsol for the consideration of €117 million (~$130 million).
The project has been fully operational since the third quarter of 2021.
With this agreement, which values Valdesolar at €239 million (~$264.30 million), Repsol maintains operational control of the asset and reinforces its renewables business model, supporting its objective of obtaining double-digit returns on its investments in this sector.
The project comprises 648,000 solar modules distributed in five large areas connected to the grid through a new 400 kV electrical substation that is also part of the project.
The project will supply electricity to 140,000 households and eliminate 211,564 tons of CO2 emissions per year.
According to Mercom’s Q4 2021 solar funding and M&A report, over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020, a 74% increase. In June 2021, Repsol acquired a 40% stake in Hecate Energy, a U.S.-based PV solar and battery storage project developer. Hecate Energy has a portfolio of more than 40 GW of renewable and energy storage projects under development.
In September 2021, Statkraft, a renewable energy developer, agreed to sell its portfolio of four co-located solar projects totaling 234 MW across Cadiz, Southern Spain, to The Renewables Infrastructure Group (TRIG), an investment firm. Statkraft will carry out the construction works scheduled to start later in September 2021.