Repsol Enters JV, Gains Access to Renewables Portfolio in Chile

   By Giulia Petroni

Repsol SA said Thursday that it will create a 50-50 joint venture with Grupo Ibereolica Renovables and gain access to a portfolio of renewable projects in Chile.

The Spanish energy company said it will implement a capital increase of 168 million euros ($194.4 million) through 2023 for the purpose of funding the venture and allow the development of five renewables projects in Chile in the next five years.

Through the agreement, Repsol will gain access to a portfolio of renewables projects in the country that are either in operation, construction or development. The projects will represent more than 1,600 megawatts in 2025, with the possibility to exceed 2,600 MW in 2030.

From 2025, Repsol will have the option to take control of the venture, it said. The agreement is subject to approvals.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

July 23, 2020 05:35 ET (09:35 GMT)

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