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.
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.