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Capital Energy in Spain cuts electricity retail to work on renewables

February 2 (Renewables Now) – Spanish renewable energy retailer Capital Energy has sold its portfolio of 25,000 residential and SME electricity customers to multi-energy group Repsol SA (BME:REP) to focus more on renewables than won at government auctions in Spain in 2021.

The company retains its large industrial customers, which are becoming increasingly valuable to Spanish renewable energy companies due to their need to seek favorable long-term supply contracts in an environment of soaring wholesale prices of electricity.

“We have decided to focus our renewable electricity supply business on auctions – in 2021 we have obtained nearly 2,200 megawatts of capacity – and on the large customer segment, in particular industrial customers,” said Gregorio Mednik. , Director of Energy Management and New Energies. Solutions at Capital Energy, said in a statement Tuesday.

In the January 2021 auction round, Capital Energy won 625 MW of wind capacity, nearly two-thirds of the total wind awarded. Later in October, the company secured 1,540 of wind capacity and 8 MW of solar capacity.

Capital Energy’s stated goal is to become the first vertically integrated 100% renewable energy company on the Iberian Peninsula.

Neither Capital Energy nor Repsol disclosed the amount of money involved in the transaction.

The deal allows Repsol to expand its portfolio to 1.35 million electricity and gas customers, according to the group. The Spanish oil and gas major has ventured into the power and gas utility business after acquiring unregulated low-emissions power generation business from energy company Viesgo as well as a portfolio of 750,000 customers in 2018. The company retails electricity and gas through the dedicated Repsol Electricidad y Gaz unit.

Repsol claims to be the only major distributor in Spain, in terms of customers supplied, to guarantee 100% renewable energy. It also aimed to reach 6 GW of installed renewable energy capacity by 2025 and 20 GW in 2030.