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Repsol eyes more renewable dealmaking in push to expand in US

Pietro Lombardi
Updated ·2-min read
The logo of Repsol is seen near a fuel station in Malaga

By Pietro Lombardi

MADRID (Reuters) -Spain's Repsol is working on a deal to sell a minority stake in a renewable portfolio in the United States as it aims to expand its footprint in a country it sees as a key market.

The move is in line with the energy firm's strategy to fund its diversification into renewables from its traditional oil and gas core business by selling minority stakes in renewable projects.

"We are working on closing our first renewable asset rotation in this country," Chief Executive Josu Jon Imaz told analysts in a call on Thursday to present the first-quarter results.

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He did not give further details, and a spokesperson declined to comment.

The U.S. will get around a quarter of the 16 billion-19 billion euros ($17 billion-$20 billion) the company plans to invest through 2027.

Repsol already has a 40% stake in U.S. renewables developer Hecate Energy.

Last quarter, it closed the acquisition of U.S. renewable energy developer ConnectGen, part of 2.1 billion euros in overall investments that contributed to push up net debt to 3.9 billion euros at the end of March.

UPBEAT ON VENEZUELA

Imaz was also optimistic about the outlook for the company's business in Venezuela, despite Washington's move to re-impose sanctions on the country over election concerns.

"We see today reasonable conditions to improve our position in Venezuela without further financial exposure," he said.

Oil production at its Venezuelan joint ventures with state company PDVSA is expected to double after a recent agreement to expand areas assigned to the projects, he said.

The comments came as the company posted lower profit for the first quarter, hurt by lower gas prices and a weaker performance from its refining and trading businesses.

Quarterly adjusted profit fell to 1.27 billion euros ($1.4 billion), ahead of a company-provided average forecast from analysts of 1.19 billion euros.

Net profit dropped 13% to 969 million euros.

($1 = 0.9359 euros)

(Reporting by Pietro LombardiEditing by David Latona, Inti Landauro, Peter Graff)