The CEO of Repsol, Josu Jon Imaz, has announced that he expects to carry out divestments of renewable assets between the end of 2024 and 2025 valued at 2.5 billion euros.
The company, Imaz indicated, is already underway with the sale of a portion of the Jicarilla (125 MW) and Frye (637 MW) plants, which it hopes to close at the end of this year or in the first quarter of 2025. Subsequently , will be followed by the Outpost plant (629 MW) for which it is expected to obtain a partner in the first half of next year.
The company is also preparing two asset sale operations in Spain. The oil company wants to get rid of two packages of between 400-500 MW each until the end of the year.
In this way, Repsol will sell 2,491 MW for which it considers it will be able to earn in the order of 2,400-2,500 million euros.
Repsol completed the sale of a 25% stake to Crédit Agricole Assurances and funds managed by Energy Infrastructure Partners (EIP), with an investment commitment to reach 6 GW in 2025 and 20 GW in 2030. The company also has open negotiations with Saudi Aramco to join the capital of the renewable subsidiary, which could allow it to increase the company’s investment capacity.
Imaz explained that the between 16,000 and 19,000 million that the company expected to dedicate to oil exploration and production will likely remain in the low range due to the delay of some projects.
These announcements come after Repsol presented the results for the first nine months of the year with a net profit of 1,792 million euros, which represents a decline of 36 percent compared to the same period of the previous year. The company is thus suffering the impact of the fall in refining margins, which have fallen to $4 per barrel compared to $6.3 in the previous quarter (-36.5 percent). In the third quarter, the net result amounted to 166 million euros, 75% lower than the previous quarter and 88% lower than the third quarter of 2023.
#Repsol #prepares #renewable #sales #Spain #billion
