- Repsol has struck another coup in the national race to conquer the green hydrogen business.
The energy group led by Josu Jon Imaz has hired the services of the Boston Consulting Group (BCG) as support to channel its investment plan, which aims to mobilize around 2,500 million euros to grow in the industry of this renewable gas, as they have moved financial sources to Information.
Boston Consulting’s work will be to support Repsol’s internal team dedicated to the growth of the firm in green hydrogen, a key pillar for the company’s goals of achieving zero emissions by 2050. The scope of the roadmap for Hydrogen that the company has designed has led Repsol to sign more than one external advisor , as confirmed by the energy group when consulted by this newspaper.
With its powerful investment plan, the company seeks to lead the industry of this renewable gas in the heat of the appetite of large investment firms for green assets and the prospects of the landing of European fundsLast October, Repsol threw in the rest with its commitment to renewables.
Repsol’s acceleration is framed in a context of extreme competitiveness with other giants in the sector , such as Iberdrola, Endesa or Acciona, with which the main Spanish oil company is beating copper to attract investors. The group’s objective is to bring a technology in which the oil company has been working on a commercial scale for years before 2030, which means going up five gears to the objectives that the company had just a few years ago.
The oil company’s ambition is being translated into an effort to consolidate the Hydrogen direction led by Tomás Malango . Currently, the bulk of Repsol’s technicians dedicated to the development of renewable gases are immersed in a reconversion process with a view to their specialization in the green hydrogen industry.
The professional services firm is one of the leading advisersof Repsol that has hired their services at key moments for the company. The oil company signed Boston Consulting as an advisor at the beginning of its great leap in the electricity commercialization business, thanks to the purchase of Viesgo.
Years before, Repsol counted on BCG to put together, from the end of 2015, the reduction of the workforce that, in principle, was expected to affect around 1,500 workers in three years. In addition to this process, the energy company entrusted BCG to fully evaluate the group’s structure, in order to gain operations.
The renewable sector in which Repsol is immersed has given rise to powerful alliances for the oil company. The last to come to light is that of the founder of Inditex, Amancio Ortega, which through its investment vehicle Pontegadea has chosen Repsol to undertake its first foray into the renewable business.
The Galician businessman will disburse a total of 245 million euros to acquire 49% of Delta , a Repsol wind farm, with an installed capacity of 335 megawatts (MW) , located in the province of Zaragoza. Pontegadea’s entry into Repsol’s green business, coordinated by Banco Santander and the investment bank GBS Finance , is part of the oil company’s plan to find partners for some of its assetsof clean energies, that contribute financial muscle to the green turn of the firm.
This strategy advances in parallel with the search for a partner for Repsol Generación Eléctrica , the subsidiary that concentrates the group’s green assets. In turn, the company captained by Imaz has not ruled out taking its green division public next year, an operation that the market expected before the end of 2021 and for which the group hired Linklaters and Uría Menéndez in the legal part and JP Morgan and Citi on the financial side.
Source: (Paula María) lainformacion-com