Repsol has today incorporated the assets acquired to Viesgo for 733 million
MadridUpdated:
Repsol today incorporated the Unregulated business of low emission electricity generation from Viesgo and its marketer acquired at the end of last June for 733 million euros to become a relevant player in the Spanish electricity market.
The oil company reached an agreement with Macquarie Infrastructure and Real Assets and Wren House Infrastructure to buy the three Viesgo hydroelectric plants with an installed capacity of 700 MW, located in the north of Spain: Aguayo-Aguilar (388 MW), Navia (202 MW) and Picos (114 MW). It also acquired two gas-fired combined cycle plants, in Algeciras (Cádiz), of 830 MW and built in 2011, and Escatrón (Zaragoza), of 818 MW and of 2008. Between the two they have a capacity of 1,648 MW. The coal plants of Viesgo were excluded from the transaction.
The operation also includes the gas and electricity sales company of Viesgo, that totals 750,000 clients distributed throughout the Spanish geography, mainly in Cantabria, Galicia, Andalusia, Asturias, Castilla y León and the Community of Madrid. The company will take advantage of its different sales channels, such as its more than 3,400 service stations in Spain, to transfer its offer, as well as the strength and recognition of the Repsol brand.
Once the management of these assets has been assumed, Repsol reinforces its position as a multi-energy operator, with a total installed capacity of 2,950 MW, and significantly increases its presence in the electricity and gas retail sector in Spain, with a market share of more than 2% and more than 750,000 customers. In this way, Repsol takes a fundamental step in fulfilling its roadmap for the energy transition, which includes as objective to reach in 2025 a retail market share of electricity and gas of more than 5% and 2.5 million euros. customers.
The electricity and gas business will be developed through its new subsidiary, Repsol electricity and gas, which will offer an attractive offer throughout Spain, cutting-edge digital solutions and exclusive advantages for customers, such as discounts in the network of Repsol service stations. In addition, the electricity marketed by the company, through the Repsol brand, will be certified as 100% low emissions.
The company has appointed María Victoria Zingoni as president of Repsol electricity and gas, which will combine the position with Repsol's downstream director general. The CEO of the new subsidiary will be Francisco Vázquez, who until now was the executive director of Repsol refining. Repsol electricity and gas will be headquartered in Santander and will employ more than 400 qualified people with experience in the sector, most of them from Viesgo.
On the other hand, Viesgo, owned by the Macquarie Infraestructure and Real Assets (MIRA) and Wren House Infraestructure funds, will focus from now on its regulated businesses of electrical distribution, in renewable energies and in efficient generation, the company reported.
The electric maintains its renewable energy park in Spain and Portugal, as well as its electrical distribution network of more than 31,000 kilometers along Cantabria, Asturias, Galicia and northern Palencia and Burgos.
Its president, Miguel Antoñanzas, has affirmed that in this new stage Viesgo goes "to be protagonist" of the energetic transition, modernizing and digitalizing the electrical network, "that is the challenge that Spain has ahead nowadays and with which we are totally committed".
Thus, the group pointed out that keeps your investments planned in its distribution infrastructures, amounting to 209.8 million euros for the next three years and which are mainly aimed at improving the quality and security of supply, modernizing and automating the network and digitizing its activity.
Viesgo has about 1,400 megawatts (MW) of installed power, which contributes to the increase of the electrification of the economy. In addition to the 22 wind farms and the two mini-hydro plants that it has throughout the peninsula, with 481 MW of installed capacity, Viesgo is building the new "El Marquesado" wind farm in Cádiz, with 24 MW of power.
The company also manages two thermal power plants in Puente Nuevo (Córdoba), with 324 MW of installed power, and in Los Barrios (Cádiz), with 589 MW.
