Spanish oil and gas company Repsol has acquired the solar power developer Valdesolar Hive, a project company which is currently developing a 260 MW solar power project in Valdecaballeros (Badajoz, Spain). The €210m facility is expected to be built between 2019 and 2020. The purchase of this asset indicates that Repsol is pursuing its diversification strategy and intends to become a leading renewable energy and electricity player in Spain.
In August 2018, Repsol also obtained a license to commercialise electricity on the domestic retail market, which is now one of its key priorities after it acquired Viesgo's power generation, gas and electricity retail businesses from two investments funds. The company announced investments worth €2.5bn between 2018 and 2020 to reach a total of 2.5 million private customers in Spain’s electricity and gas sector and 4.5 GW of power generation capacity by 2025.