MADRID – Spanish oil and gas company Repsol has hired JPMorgan as an investment bank to spin off its renewable unit as early as June, Spanish on-line media El Confidencial reported on Wednesday citing financial sources.

Repsol hires JPMorgan to spin off renewables unit, El Confidencial reports- oil and gas 360

Source: Reuters

The Spanish company is considering listing the unit, which could be worth as much as 4 billion euros ($4.81 billion) on the stock market, El Confidencial reported.

Repsol aims to float as much as 49% of its renewable unit on the market, El Confidencial said.

Back in November, Repsol Chief Executive Josu Jon Imaz said he aimed to sell a stake in a new low-carbon unit to a partner or publicly offer its shares within two years.

A spokesman for Repsol declined to comment and JPMorgan did not immediately reply to an email seeking comment.

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