Amancio Ortega enters the renewables business and buys 49% of a wind farm in Zaragoza from Repsol

The Galician businessman makes this investment through Pontegadea and it will help Repsol achieve its profit target in the renewables business.

Amancio Ortega.

Repsol Y Pontegadea are associated to develop the Delta wind farm in the province of Zaragoza. A facility with an installed capacity of 335MW in which the leading company Amancio Ortega will invest 245 million euros to get 49%.

This is the first renewable energy operation of the Galician society, and means valuing the company at 500 million euros. In this way, Repsol considers that thanks to this operation its renewable energy business model is completed, and it also ensures that it achieves its objective of achieving double-digit returns on investments in this sector.

“Count on Pontegadea as a partner in Delta confirms the quality of our assets and will allow us to accelerate our growth in renewables, within the framework of an efficient and sustainable energy transition, and in the objective of being a company with zero net emissions in the year 2050”, stated the CEO of Repsol, Joshua Jon Imaz.

For his part, the CEO of Pontegadea, Roberto Cibeira, has highlighted that “this operation together with a solid and reliable partner such as Repsol is part of Pontegadea’s global investment strategy and allows us to strengthen the environmental commitment that accompanies all the activities in our portfolio, both in the energy sector and in the management of real estate assets or textile distribution”.

The sale of a minority stake in Delta has aroused great interest among the international investment community, with first level entities presenting offers in the final phase of a procedure that began last June.

Repsol took over Delta, its first wind project in Spain, in June 2019 and began construction in December of the same year. In less than 24 months, even in a context marked by the coronavirus pandemic, the company has been able to build, start production and now value a stake in this asset, consisting of eight parks and a total of 89 wind turbines.

Delta will produce 992 GWh of 100% renewable energy per year, the equivalent of the average annual consumption of 300,000 homes, and will prevent the emission of one million tons of CO2 into the atmosphere per year.