Repsol to buy 40% of Bunge’s Spanish biodiesel assets

In Spain, Repsol and Bunge have agreed to partner in the development of new opportunities to help meet the growing demand for lower carbon intensity feedstocks for the production of renewable fuels. This alliance, the first of its kind in Europe, will help to accelerate the ramp-up of production of these fuels mandated by the European Union.

Through this strategic agreement, the multi-energy company Repsol acquires 40% of three industrial facilities that are part of Bunge Iberica, one of Bunge’s subsidiaries in the Iberian Peninsula, for a total amount of $300 million plus up to $40 million in contingent payments. The transaction is subject to customary closing conditions, including regulatory approvals.

Under this agreement, Bunge will continue to operate its three plants dedicated to the production of oils and biofuels in Bilbao, Barcelona, and Cartagena, near Repsol’s industrial complexes located in the same regions. Bunge will also continue to be a key producer of protein meals, vegetable oils and distributor of agricultural commodities in Spain.