(AOF) – Crédit Agricole Assurances and Energy Infrastructure Partners (EIP), a benchmark investor in the field of energy transition, have announced the signing of an agreement with Repsol SA for a 25% stake in Repsol Renovables, the branch of Repsol SA dedicated to renewable energies, based on an implicit enterprise value of 4.4 billion euros.
Repsol Renovables currently has an installed generation capacity of 1.6 GW, made up of wind farms, photovoltaic farms and hydroelectric plants spread across Spain, Chile and the United States. Alongside Crédit Agricole Assurances and EIP, Repsol will pursue its strategic plan to increase its total installed capacity to 20 GW by 2030.
The consortium formed by Crédit Agricole Assurances and EIP will own 25% of Repsol Renovables following the final closing, which is expected to take place in the fourth quarter of this year, subject to customary closing conditions and regulatory approvals.
Philippe Dumont, Chief Executive Officer of Crédit Agricole Assurances, said: “In line with the Crédit Agricole Group’s societal project in favor of the climate, Crédit Agricole Assurances reaffirms its commitment to a low-carbon economy through its investments in the energy transition. This operation, alongside Repsol and EIP, is a new step in this strategy, and will contribute to achieving our objective of 14 GW of installed capacity by 2025”.
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