Industria de Diseño Textil, S.A. (BME:ITX) Founder Amancio Ortega's investment firm Pontegadea Inversiones, S.L is pushing further into renewable energy, closing in on a deal with Repsol, S.A. (BME:REP) to buy a 49% stake in a portfolio of wind farms and photovoltaic power plants in Spain, two sources familiar with the deal told Reuters. The Spanish fashion retail billionaire's potential acquisition would expand Pontegadea's investments in renewable energy. His family office has already bought minority stakes in energy assets, such as a 5% stake in Spanish gas grid operator Enagás, S.A. (BME:ENG)?s renewable and hydrogen unit Enagás Renovable, S.L.U. The Repsol renewable projects up for sale have a total capacity of about 600 megawatts and the transaction values them around EUR 700 million ($747.18 million), sources said.
The agreement may come as soon as next week, one of the sources said. A Repsol spokesperson declined to comment. "As usual, we do not have any comments on rumours about market operations while they are open," a spokesperson for Pontegadea said.
The deal is in line with Repsol's strategy to fund its shift from oil and gas to renewables by selling minority stakes in renewable projects. The company has a goal of reaching 20 gigawatts (GW) of installed renewables capacity by the end of the decade and has been active on the M&A front.