Crédit Agricole Assurances takes – with the wealth manager Energy Infrastructure Partners – a 25% stake in Repsol Renovables.
Six months after buying 49% of Edison Renewable, Crédit Agricole announces in a press release dated June 9 that its insurance subsidiary has bought 25% of Repsol Renovables.
The transaction is based on an implicit enterprise value of 4.4 billion euros. This acquisition of the renewable energy branch of Repsol SA is part of Crédit Agricole’s commitments to low-carbon energy. On this point, moreover, Reclaim Finance had called into question Crédit Agricole’s plan in favor of low-carbon energy. According to the NGO, the bank-insurer does not have an oil and gas policy intended to reduce investments in these sectors.
Who is Repsol Renovables?
Repsol Renovables has hydroelectric power stations as well as wind and photovoltaic parks. They are distributed in Chile, the United States and Spain. They generate an installed low-carbon production capacity of 1.6 GW (gigawatts). The company aims to achieve an installed production capacity of 20 GW by 2030. For its part, Repsol SA has committed to achieving carbon neutrality by 2050.
Its installed production capacities also enable Repsol to benefit from power purchase agreements with large groups such as Microsoft or Amazon, which protect it from the volatility of the electricity market.