Amancio Ortega, founder of Zara, launches into the renewable energy sector

The Spanish billionaire Amancio Ortega, founder of Zara, entered the renewable energy sector by investing in a eolico Park north of Spain together with the oil group Repsolthe company announced in a statement Thursday.

The 85-year-old businessman who made a significant fortune with his fashion empire Inditex, invested “245 million euros” (281 million dollars) through its Pontegadea company in a wind farm baptized as Delta and located in the province of Zaragoza, in Aragon, Repsol indicated in its statement.

With his investment, Ortega will hold 49% of the facility, valued at 500 million euros. The wind farm, operating since March, has an installed capacity of 330 megawatts and an annual generation capacity of 992 gigawatts / hour, which is equivalent to “average annual consumption of 300,000 homes,” the note indicates.

According to the oil group, this is Pontegadea’s “first investment” in the area of renewable energy. This “will allow us to accelerate our growth” in this sector, “with the aim of being a company with zero net” carbon emissions, “between now and 2050,” said Repsol.

With an estimated fortune, according to the magazine Forbes, at € 67 billion, Amancio Ortega is one of the richest men in the world. Over the years, the Galician businessman has built a great financial empire whose center is the ready-to-wear clothing group Inditex, owner of Zara.

Ortega also has an important real estate portfolio, valued at 14,000 million euros, according to the data communicated by Pontegadea. Its properties include the headquarters of Amazon in Seattle or the Picasso Tower from Madrid, as well as numerous properties in Paris, New York, London and Barcelona.

In 2019, Pontegadea also entered the conventional energy sector, acquiring a 281 million euro stake in the gas transportation company Enagas, in addition to a 5% stake in the electricity transportation company Spanish Electric Network (REE).

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