Repsol buys majority stake in Spanish renewable power retailer

Repsol SA (BME:REP) has bought a majority stake in Spanish renewable power retailer Gana Energia in an effort to beef up its power and gas utility business, it was announced on Tuesday.

Valencia-based Gana Energia was founded in 2015 and has since racked up 37,000 customers, offering 100% renewable power and operating online, said Repsol.

The Spanish oil-and-gas major acquired the stake from Gana Energia’s angel investor, Angels, an investment company owned by billionaire businessman Juan Roig. With this transaction, Roig’s firm makes an exit, while Gana Energia’s founding partners remain as minority owners.

Repsol did not say how much it paid to take the majority stake.

In 2018, Gana Energia booked a gross turnover of EUR 10.5 million (USD 12.5m) on doing business with 12,000 customers and employing a team of 22, according to Repsol. The company then took part in a Roig-supported incubator programme for start-ups and later received EUR 500,000 from Angels in a funding round.

In September 2020, Gana Energia entered the natural gas market.

At present, the investee collects EUR 25 million in revenues, with 2020 being its best year so far thanks to digitalisation and low tariffs, Repsol adds.

"With this acquisition, Repsol reinforces its commitment to a multi-energy customer-centric approach. The acquisition of Gana Energia complements the company's current value offering and is another piece of Repsol's commitment to continue creating an energy offering for all households," said Luis Santonja, director of commercial business development and customer strategy at Repsol.

The oil company set the foundation for its utility business in 2018 with the acquisition of hydropower and gas plants along with a portfolio of 750,000 retail customers from Spanish energy distributor and producer Viesgo. It later established Repsol Electricidad y Gas to enter into the retail market and started adding renewables to its list of activities.

(EUR 1.0 = USD 1.19)

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