By Giulia Petroni

Repsol SA on Thursday said that it has agreed to sell 25% of its renewable-energy arm to France's Credit Agricole Assurances and Switzerland-based Energy Infrastructure Partners for 905 million euros ($970 million).

The Spanish oil-and-gas major said the deal, which was approved at an extraordinary meeting, values the business at EUR4.38 billion.

Repsol Renovables currently has more than 1.6 gigawatts of installed renewable capacity and is present in Spain, Portugal, the U.S. and Chile. It targets an installed capacity of 6 GW in 2025 and 20 GW in 2030.

The deal is expected to close before year end, subject to the approval of regulatory authorities, according to the company. Repsol's earnings won't be affected by the transaction.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

June 09, 2022 12:05 ET (16:05 GMT)

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