Privately owned real estate asset manager Pontegadea has agreed to acquire a 49% stake in Spanish oil and gas company Repsol’s 618MW renewable portfolio in Spain for €363m ($393.8m).

The renewable portfolio includes 12 wind farms totalling 398MW in Aragon, Castile and Leon.

It also includes two solar photovoltaic plants with 220MW of capacity in Castile-La Mancha and Andalusia.

There is further potential for hybridisation, which could add another 279.2MW of capacity.

The portfolio can avoid 714,450 tonnes of CO₂ emissions annually.

The value of the assets plus projects with hybridisation potential has been estimated at €740m.

This is the third time Pontegadea has acquired a stake in Repsol’s renewable assets.

It reinforces the strategy of the Spanish oil and gas company to expedite its objectives and maximise its returns by bringing partners or investors to businesses.

Pontegadea has previously invested in Repsol’s two other renewable assets: the Delta wind farms in Zaragoza, Aragon, in a €245m deal completed in November 2021, and the Kappa photovoltaic complex in Manzanares, Castile-La Mancha, in a €27m deal in July 2023.

In May 2023, it was reported that Repsol is planning to sell a 49% stake in its Spanish renewable projects. The stake is valued at €799.43m.

The company has 3.2GW of renewable assets in the country, some operational and others under construction and in development.

It is targeting 6GW of installed capacity by 2025 and a further 14GW by 2030.