Spanish energy company Repsol has agreed to divest a 49% stake in a 618MW portfolio of renewable assets to private investment company Pontegadea, for a total of €363m.

The portfolio includes twelve wind farms located in Huesca, Zaragoza, and Teruel in the Aragon region, and Valladolid in the Castile and Leon region, with a total installed capacity of 398MW.

It also includes two PV solar plants, with a combined capacity of 220MW, located in Albacete in the Castile-La Mancha and Cadiz in the Andalusia regions.

The portfolio also includes projects with a hybridisation potential to add an additional 279.2MW.

Together, the power generated by these assets is said to eliminate the emission of around 714,450 tons of CO2 into the atmosphere, annually.

The transaction values the entire 618MW portfolio, including the projects with hybridization potential, at €740m.

Repsol said that the agreement is part of its strategy to bring in partners to achieve its objectives and increase the return on its operations.

It is the third time for Pontegadea to acquire a stake in Repsol’s renewable assets, following the purchase of a stake in Delta wind farms in 2021, and the Kappa PV complex in 2022.

Pontegadea previously purchased a 49% stake in Delta wind farms in Zaragoza, Aragon for €245m, and the Kappa photovoltaic complex in Manzanares, Castile-La Mancha, for €27m.

In addition, Repsol has incorporated The Renewables Infrastructure Group (TRIG) in the Valdesolar photovoltaic complex (Badajoz).

The company also established an alliance with Credit Agricole Assurances and EIP in its renewable generation business, to advance the growth.

Repsol has a renewable energy portfolio of 2,300MW in operation, 3,000MW under construction, and projects at different stages of development in Spain, the US, Chile, and Italy.

The Spanish energy company aims to expand its portfolio to 6,000MW of installed renewable generation by 2025 and 20,000MW by 2030.