Saudi oil giant Aramco has approached Repsol to express interest in buying a minority stake in the Spanish energy firm’s renewables business, Spain’s business daily Expansion reported on Friday, quoting several market sources. The entire Repsol Renovables, or Repsol Renewables, is valued at around $6.5 billion 6 billion euros. Aramco has approached Repsol about a potential acquisition of a minority stake in Repsol Renewables but hasn’t filed a formal offer yet, according to Expansion’s sources.
Two years ago, Repsol sold 25% of Repsol Renovables to Crédit Agricole Assurances and Energy Infrastructure Partners EIP for $979 million 905 million euros. Last month, Repsol said it would invest $3.2 billion to $4.3 billion 3 billion euros to 4 billion euros net to organically develop its global portfolio of renewable projects and reach between 9,000 MW and 10,000 MW of installed capacity by 2027. Of this figure, 30% will be in the United States.
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