The board of Repsol has approved the sale of a quarter of its growing renewables business to a consortium of French insurance company Crédit Agricole Assurances and Swiss investor Energy Infrastructure Partners (EIP) for €905m ($963m) - Recharge

The sale price implies a valuation of the Spanish oil & gas company’s RE business at €4.38bn, including debt and minority holdings. The unit has more than 1.6GW of installed renewables capacity across Spain, Portugal, the US and Chile, most of its wind and solar.

"Having reputable partners such as Credit Agricole Assurances and EIP joining us in Repsol Renovables represents a validation of our renewable strategy, supports our ambition to be a key player in the energy transition and fulfils our expectations in this important process,” Repsol chief executive Josu Jon Imaz said.

“Our target is to reach an installed capacity of 6GW in 2025 and 20GW in 2030. As partners, they share our strategic vision to grow in renewables, contribute additional expertise and underscore the value of our growth platform.”

The transaction is expected to close before year-end, subject to regulatory approvals. Repsol Renovables will continue to be consolidated within the accounts of the Repsol Group.

Among Repsol’s renewables assets is a stake in the 25MW WindFloat floating wind pilot array off Portugal. The company also plans to increase its offshore wind business.

It also owns majority stake in major wind energy clusters in Spain, such as the 335MW Delta I in Aragon.

The oil & gas firm also majority owns the 264MW Valdesolar PV array and the 126.6MW Kappa PV complex, both in central Spain.

It is also building the 860MW Delta II wind cluster in Spain, and has a more than 1.6GW renewables pipeline in operation, construction and development in Chile together with Ibereolica Renovables.

In the US, Repsol has commissioned a first 62.5MW solar array at Jicarilla 2 in New Mexico, which is slated to double in size, with an attached 20MW battery storage.

The company last year has bought 40% of local developer Hecate Energy, which has a project pipeline of more than 40GW.