Spanish energy and petrochemical company Repsol has agreed to sell a 49% stake in its Delta onshore wind farm to Pontegadea Group in exchange for €245m investment.

Pontegadea is the investment vehicle of Spanish businessman Amancio Ortega.

Delta is the company’s first operational wind farm in Spain, located in the province of Zaragoza with a total installed capacity of 335MW.

The facility comprises eight wind parks featuring a total of 89 wind turbines and is estimated to produce 992GWh of renewable power per annum, equivalent to the average annual consumption of 300,000 homes and avoid one million tons of CO2 emission a year.

The Spanish firm acquired the project in June 2019, started the construction in December same year, and has brought the wind project into full operation in March this year.

Repsol CEO Josu Jon Imaz said: “Having Pontegadea as a partner in Delta confirms the quality of our assets and will allow us to accelerate our growth in renewables within the framework of an efficient and sustainable energy transition and with the goal of being a zero net emissions company by 2050.”

The agreement with Pontegadea values Delta wind project at €500m and helps Repsol achieve double-digit returns on its investments in the renewables sector.

Also, the partnership would strengthen Repsol’s position as an industrial operator and validate its growth model in renewables.

Repsol’s renewable model is based on the development of projects from the initial stages through start-up, including the Delta project.

Last month, the Spanish energy company has further increased its target for low-carbon project investments between 2021 and 2025, by €1bn to a total of €6.5bn from €5.5bn established in its strategic plan.

Repsol is aiming to achieve an installed capacity of 6GW by 2025, compared with 5.2GW in the company’s roadmap presented in November last year.

Recently, the company announced targets representing a 60% rise in installed renewable generation capacity by 2030, to 20GW, compared with the 12.7GW announced in its strategic plan.

Pontegadea CEO Roberto Cibeira said: “This transaction, with a solid and reliable partner such as Repsol, is part of Pontegadea’s overall investment strategy and strengthens the environmental commitment that accompanies all the activities in our portfolio, whether in the energy sector, real estate asset management or textile distribution.”