EU approves Telefonica’s solar panel joint venture
The European Commission has approved the creation of a solar panel joint venture by European telecoms supplier Telefonica and Repsol in Spain.
The joint venture, as yet unnamed, will be active in the implementation of photovoltaic projects in Spain, mainly consisting in the acquisition, installation and maintenance of ground-level or rooftop solar panels for households and businesses.
Telecoms operator Telefónica includes the Movistar, Virgin Media O2 and Vivo brands, representing mobile, landline, internet and television services, and would be the main distribution partner, providing installation with telecoms connectivity.
Petrochemical company Repsol is looking to transition to renewable energy and will add its experience in energy supply with an exclusive electricity tariff to complement the solar photovoltaic installation. It has over 3,700 MW of total installed low-emission generation capacity as well as 1.35 million electricity and gas customers.
The new company will have its own management team that will combine the knowledge and experience of both companies.
“This is a strategic agreement between two leading companies that contribute their knowledge in two fundamental aspects to build a solid and innovative value proposition for both individuals and companies; on the one hand, connectivity, and on the other, the installation and management of solar photovoltaic panels to take advantage of solar power,” said Emilio Gayo, Chairman of Telefonica España.
The Commission concluded that the proposed acquisition would raise no competition concerns, given the limited overlaps and the fact that a number of strong players would remain in the market after the merger.
www.telefonica.es; www.repsol.es
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