Repsol has kicked off its latest asset rotation exercise, with a process to divest a 49% stake in a circa 700 MW portfolio of operational and under-construction Spanish onshore wind and solar PV assets.

The oil & gas group gas is understood to have launched a first round of bidding last week, is being advised on the “Project Minerva” transaction by Barclays Capital, and will take non-binding offers at the end of June, according to market sources.

The launch comes after Repsol chief executive Josu Jon Imaz announced in a Q2 earnings call with analysts on April 30 that “we are in the process of executing another rotation of 700 MW expected to be completed before year end.”

“In Spain, being able to deliver a clear double digit equity IRR with different partners at different times and with different technologies demonstrates the attractiveness of the position we have built,” Imaz said.

The enterprise value of the 706 MW portfolio (split between around 400 MW of onshore wind and 300 MW of solar PV) has been put at around EUR 900m. The assets are believed to all be due online by the end of 2025.

Repsol most recently in March completed the sale of a 49% stake in a 400 MW Spanish wind and solar portfolio to Schroders Greencoat-managed Greencoat Renewables, in a deal valuing the portfolio at around EUR 580m.

The group has previously sold down equity holdings in its Spanish renewables assets to UK-based yieldco TRIG and Spanish family office Pontegadea.

A Repsol spokesperson declined to comment on the Project Minerva transaction.

*This story was originally published exclusively for NPM Europe subscribers.