Freshfields Bruckhaus Deringer (‘Freshfields’) has advised global energy group Repsol on the incorporation of Crédit Agricole Assurances and EIP as partners in its renewable energy business. Pursuant to the transaction, the two investment groups have agreed to jointly acquire a 25% stake in Repsol Renovables, the renewable energy arm of Repsol.

This transaction represents yet another a milestone in Repsol’s sustainability strategy. Renewable electricity generation is one of the main pillars in Repsol’s decarbonisation model, after it became, in 2019, the first company in its sector to make a commitment to reach zero net emissions by 2050.The incorporation of the two partners includes an investment commitment in line with Repsol’s strategic plan to reach 6 GW of installed renewables capacity in 2025. 

Repsol Renovables currently has more than 1.6 GW of installed renewable capacity and is present in Spain, the United States, Chile and Portugal.

The transaction is currently expected to close before the end of the year, subject to regulatory approval.

The Freshfields team advising Repsol is being led by partner Alfonso de Marcos and counsel Joe Amann, with the support of associates Asís Martin de Cabiedes and Chelsey Kaka. The team also includes partners Armando Albarrán and Silvia Paternain, senior associate Cinta de Retana, associate Miguel Angel Calvo and trainee solicitor Chloe Clavell.