Aramco eyes minority stake in Repsol's renewable unit: Report

Logo of Saudi Aramco

Saudi Aramco showed interest in acquiring a minority stake in the renewable unit of Spanish oil company Repsol, Reuters reported, citing two people familiar with the matter.

Repsol has opened its renewable projects to investors willing to take minority stakes in portfolios of wind farms and solar plants to help fund its diversification into renewables and low-carbon businesses away from traditional oil and gas business.

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Repsol's renewable unit is valued at $6.40 billion including debt, according to a UBS research note issued in April.