EIG’s Breakwater Energy buys 25% of Repsol Upstream

• EIG will nominate two members to Repsol Upstream’s eight-member board of directors
• Repsol is a global multi-energy company based in Madrid, Spain
• EIG is an institutional investor in the global energy and infrastructure sectors

Breakwater Energy, a wholly owned subsidiary of EIG Partners, has completed the acquisition of a 25 percent interest in Repsol Upstream, a newly formed gas-weighted exploration and production company, for a total value of around $4.8 billion.

Repsol Upstream owns and operates Repsol’s globally diversified portfolio of upstream assets.

EIG will nominate two members to Repsol Upstream’s eight-member board of directors, four will be nominated by Repsol and the remaining two will be independent, the release said.

EIG will add two senior executives, one as ESG director and the other to lead special projects, to Repsol Upstream’s leadership team.

“The transaction sets Repsol Upstream on a path toward an accelerated decarbonisation future, strong cash flow generation and potential market liquidity,” said R Blair Thomas, EIG’s chairman and CEO.

Repsol and EIG hope to list the business in the US from 2026 onward, subject to favourable market conditions, according to a release.

EIG agreed to acquire a minority stake in Repsol Upstream in September 2022.

EIG is an institutional investor in the global energy and infrastructure sectors. The firm managed $22.7 billion assets as of 31 December 2022. It is headquartered in Washington, DC.

Repsol is a global multi-energy company based in Madrid, Spain.