Saudi Aramco, a huge oil company from Saudi Arabia, is thinking about buying a piece of Repsol’s renewable energy business. Repsol is a Spanish oil company, but they’re shifting gears. Instead of just focusing on oil and gas, they’re also looking at renewable energy sources like wind and solar power. And they need money to make this change happen.
Repsol’s renewable energy arm is valued at a whopping 5.9 billion euros. This includes both the value of the business and any debts it owes. Saudi Aramco hasn’t made a formal offer yet, but they’re particularly interested in Repsol’s renewable energy projects in the United States.
Leading Spanish newspaper Expansion shared the information for the same. They reported that Saudi Aramco has been talking to Repsol about this potential deal. However nothing’s set in stone until the paperwork is signed.
Repsol isn’t waiting for offers to come to them. They’re actively looking for investors to buy into their renewable energy business. They want to bring in partners who believe in their vision of a greener future. And to help them navigate these waters, they’ve brought in Santander, a big bank, as their advisor.
Its not the first time Repsol has dabbled in selling off parts of its renewable energy business. Two years ago, they sold a quarter of it to a branch of a French bank and a Swiss company. That deal raked in nearly a billion euros.
The bottom line
Saudi Aramco is eyeing Repsol’s renewable energy business, but nothing’s final yet. Repsol is open to selling stakes to investors who share their green goals, and they’ve got Santander backing them up. It’s a twist in the ever-evolving world of energy.
