AFX News reported that Repsol has confirmed the companies’ joint decision to dissolve the collaboration. Repsol and Acciona will, however, continue to cooperate on some biofuel projects.
The partnership was first announced in March 2006, when the companies pledged to invest E300 million between them in constructing plants to produce the popular new environmentally-friendly fuel option in Spain.
AFX cited regional publication La Gaceta de los Negocios as reporting that, while Repsol and Acciona will still both manage the biofuels plant in Leon, Repsol will now build three other plants in Tarragona, Cartagena and Bilbao without Acciona’s participation.
As part of the agreement to dissolve the partnership, AFX has reported that Acciona will supply Repsol with biodiesel that will be converted into biofuel.
According to La Gaceta de los Negocios, the companies have put their decision down to ongoing merger and acquisition activity in the European energy sector, which has seen Acciona agree to acquire Spanish utility Endesa in partnership with Italy’s Enel.
