Green on trend for Zara clothing billionaire with largest Repsol renewables swoop - Recharge
Green on trend for Zara clothing billionaire with largest Repsol renewables swoop | Recharge
Pontegadea, the investment group set up by Zara clothing tycoon Amancio Ortega, has joined Spanish oil and gas company Repsol in a renewables portfolio with an initial 618MW of capacity.
Pontegadea will pay €363m ($394m) for a 49% stake in the assets, according to a statement by Repsol.
The transaction covers 12 onshore wind farms totalling 398MW and two solar PV plants in three different regions of Spain, and values the assets at €740m.
Related Knowledge Center: ENERGY BASICS: renewables
Renewable energy sources — once the fuel of the future, then practical in specific, narrow applications — are increasingly economic mainstream sources of power generation. Hydropower was long the mainstay of U.S. renewable electricity generation, although wind power surpassed hydro for the first time in 2019, and solar continues its rapid growth. The continued growth of wind and solar, with their fluctuations, is tied in part to improvements in storage technology: batteries.