Endesa seeks the entry of a minority partner for a portfolio of about 2,000 renewable MW

MADRID, 18 Sep. (EUROPA PRESS) -

Endesa is seeking the entry of a strategic partner with a minority stake for a renewable portfolio of about 2,000 megawatts (MW) of power, as Europa Press was informed by financial sources.

Specifically, this portfolio would include both projects in operation and in development, mostly photovoltaic, and the operation would value the total portfolio at around 2,000 million euros. Sources from the electricity company consulted by Europa Press declined to make any comment on the matter.

According to 'Cinco Días' on Monday, Endesa has entrusted Santander and Intesa San Paolo with the sale of this minority stake in this portfolio of renewable projects.

At the end of the first half of the year, the electricity company led by José Bogas had 9,300 MW of renewable power (hydroelectric, solar and wind) on the Peninsula, 800 MW more compared to the end of June 2022. Endesa's strategic plan 2025 involves reaching 13,900 MW of power.

The entry of minority partners is a common strategy to finance the expansion of renewables by energy groups.

In this sense, Iberdrola, for example, sealed a strategic alliance with the Norwegian sovereign fund, managed by Norges Bank Investment Management, to co-invest in 1,265 megawatts (MW) of new renewable capacity in Spain and, in addition, both companies are working to expand the alliance by more than 500 renewable MW in the Iberian Peninsula.

Likewise, the electricity company led by Ignacio Sánchez Galán also signed an alliance with Energy Infrastructure Partners to co-invest in the Wikinger offshore wind farm and boost its offshore wind portfolio, among other operations of this nature.

Likewise, Repsol was also studying the sale of a 49% stake in a portfolio of wind and photovoltaic projects in Spain, in operation or about to come into operation, thus continuing with its strategy of bringing minority partners into these projects.

These alliances through the entry of minority partners also figure in the oil company's strategy for the development of its renewable portfolio. Thus, in July of last year it closed a new alliance with Pontegadea, the investment vehicle of the founder of Inditex, Amancio Ortega, to sell him a 49% stake in the energy company's 'Kappa' photovoltaic complex, for an amount of 27 million euros.

Previously, in November 2021, Repsol also sealed with the richest man in Spain and one of the largest fortunes in the world the sale of a similar stake in the 'Delta' wind farm with an investment of 245 million euros.

Also in March of last year, the group led by Josu Jon Imaz sold 49% of the 'Valdesolar' photovoltaic plant to The Renewables Infrastructure Group (TRIG) for 117 million euros.

Furthermore, in June 2022, Repsol closed the sale of a 25% stake in its renewable subsidiary to the consortium formed by Crédit Agricole Assurances and the Swiss fund Energy Infrastructure Partners (EIP) for an amount of 905 million euros, also assuming the corresponding part of the debt.