Repsol/Kuo Plot Renewable JV

Repsol and Grupo Kuo are jointly investing in a new 50/50 biofuel project in the Yucatan. According to Repsol, the Spanish oil company and the Mexican industrial conglomerate will together make an $80m equity investment in the new plant, known as KUOSOL, over the next several years, with each taking a 50% equity stake. The plant will produce biofuel from a jatropha plant. Repsol says the investment is part of its New Energy strategy to pursue technologies it can use to leverage its existing distribution network. The deal was privately negotiated, according to Kuo. Repsol says it will look for additional opportunities to expand the footprint of its New Energy unit in LatAm, potentially including additional JVs and acquisitions.