Exclusive: Saudi Aramco’s bid to acquire a stake in Repsol’s renewable energy business stalls, sources reveal
By Andres Gonzalez and Pietro Lombardi
September 23, 2025 — 7:20 PM GMT+6 | Updated 1 hour ago
• Talks over a €1 billion investment have reached a dead end, a source says.
• Repsol is scaling back its renewable energy ambitions to focus more on profitability.
• The deal was set to introduce a new minority investor into Repsol’s renewable energy division.
LONDON/MADRID, Sept 22 (Reuters) – Negotiations for Repsol renewable energy investment Saudi state oil giant Aramco (2222.SE) to acquire a minority stake in the renewables unit of Spanish energy Aramco renewable energy partnership
company Repsol (REP.MC) have stalled, according to two sources familiar with the matter. The proposed €1 billion ($1.2 billion) investment has reached a deadlock, and there are currently no plans to revive the discussions, Repsol renewables unit valuation one source added.
The deadlock arises as Aramco seeks to divest certain Repsol renewables unit sale discussions
assets, boost efficiency, and reduce costs. Talks began last year after Reuters reported Repsol renewable energy projects that Repsol had received an unsolicited offer for a minority stake in its renewable energy unit, which Aramco renewable energy sector investment UBS analysts valued at approximately $6.6 billion in a February Saudi Aramco renewable energy investment stalled research note. The Spanish firm, whose shares have gained 24% in 2025, has been expanding into renewables and low-carbon businesses, though these segments still account for only a small portion of its revenue.
Repsol and Aramco declined to comment. Repsol remains one of the few European oil companies actively pursuing renewable energy investments, even as most of its continental peers have scaled back plans for greener technologies, which have so far proven less profitable than traditional oil and gas operations. The Repsol renewables unit minority stake talks company continues to support the energy transition by allowing investors to take minority stakes in individual renewable projects, including wind and solar portfolios, helping to finance its diversification efforts.
In recent months, Repsol has increased production from wind and solar projects in the United States, Chile, and Spain. Saudi Aramco renewable energy sector plans The company is now tempering its renewable ambitions to focus on returns, CEO Josu Jon Imaz told analysts. In 2022, Repsol sold a 25% stake in its renewables business to a unit of French bank Crédit Agricole (CAGR.PA) and Swiss asset manager Energy Infrastructure Partners for €905 million, valuing the entire unit, including debt, at €4.38 billion.
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