Repsol Buys Small Spanish Rival

Spanish energy firm Repsol has bought a majority stake in Valencia-based electricity and gas supplier Gana Energia, it said March 9. Its founding partners remain minority owners of the company, while the stake held by investment company Angels has sold its stake. 

Since its creation in 2015 and with Angels' backing, Gana Energia has accumulated 37,000 customers, 55 employees and a turnover of €25 ($30)mn. It wants 100,000 customers in three years.

Last year was the company's best year so far, despite the difficult situation of the Spanish economy. This was due to its commitment to digitalisation and low tariffs, Repsol said. And last September it entered the natural gas market.

Gana said that the takeover was "a huge step" and "great news" as it would consolidate its position in the Spanish energy market. 

Repsol said the deal showed its commitment to a customer-centric approach. "The acquisition of Gana Energia complements the company's current value offering and is another piece of Repsol's commitment to continue creating
an energy offering for all households," it said.