The founder of the Zara apparel brand and Spanish billionaire Amancio Ortega has entered the renewable energy sector with the purchase of a stake in a wind farm run by energy giant Repsol.
Ortega’s investment holding Pontegadea will pay US $ 281 million for a 49 per cent stake in the Delta wind farm in the northern province of Zaragoza.
As per media reports, the wind farm, which opened in March, will produce 992 gigawatt hours (GWh) of 100 per cent renewable energy a year – equivalent to the average annual consumption of 300,000 households.
Roberto Cibeira, Chief Executive, Pontegadea said “The deal strengthens the environmental commitment that accompanies all the activities in our portfolio.”
Ortega’s investment holding in 2019 bought a 5 per cent stake in Spanish gas grid operator Enagas, and it owns a 5 per cent stake in Spanish electricity grid operator Red Electrica.
This is Pontegadea’s first operation in the renewable sector.
It is important to mention here that in recent years the demand for renewable energy assets has soared, with investors spending billions of dollars to gain exposure to the sector as Governments promote low-carbon energy and crack down on fossil fuels to fight global warming.
Ortega’s Pontegadea owns a 59.3 per cent stake in Zara owner Inditex, as well as investments worth billions of euros in prime office and shopping districts.
