Repsol to sell 49% stake in renewable plants in Spain - Reuters.com

Repsol to sell 49% stake in renewable plants in Spain | Reuters

Repsol to sell 49% stake in renewable plants in Spain

MADRID, May 24 (Reuters) - Spanish energy company Repsol (REP.MC) plans to sell a 49% stake in wind farms and photovoltaic power plants in Spain, three sources with knowledge of the matter told Reuters on Wednesday.

The transaction would be worth between 700 million and 800 million euros ($771-$881 million), one of the sources said, confirming an earlier report from Spanish news website El Confidencial.

The renewable plants are operational or close to being so, have a total capacity of 600 megawatts and are located in Andalusia, Aragon, Castile-La Mancha and Castile and Leon, the sources said, asking not to be named because they were not authorised to speak about the matter.

A spokesperson at Repsol declined to comment.

With its sunny plains, heavily-dammed rivers and windy hillsides, Spain is attracting investors to renewable energy projects as the government seeks to reduce greenhouse gas emissions by 2030 to 30% less than the amount emitted in 1990.

In common with Repsol, other investors and utilities are raising cash to invest in new projects from selling stakes in more advanced ones.

($1 = 0.9084 euros)

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