Repsol Creates Impact Investing Fund for Spanish Startups
July 03 2019 - 9:54AM
Dow Jones News
By Dieter Holger
Spanish energy company Repsol SA (REP.MC) has established a 50
million-euro ($56.5 million) social-impact fund investing in green
startups that help vulnerable people in Spain.
The fund will make its first EUR5 million investment in social
startups by the end of the year and plans to help support at least
a dozen profitable companies by 2025, Repsol said Wednesday.
The company estimates that the projects could generate a
combined revenue of EUR20 million and employ around 1,800 people at
risk of social exclusion in Spain, such as female victims of gender
violence, refugees, people with disabilities and recovering
addicts.
Repsol said the fund will focus on climate change, green
transport, the circular economy, energy efficiency and ecological
products and services for rural communities.
The company aims for the startups to be financially
self-sustainable over time and capable of reinvesting the profits
they earn. As part of the project, Repsol is partnering with
Spanish social investment organizations Ship2B and Open Value
Foundations to plan out the growth of the startups.
Repsol didn't disclose the names of the startups it planned to
invest in.
Write to Dieter Holger at dieter.holger@dowjones.com;
@dieterholger
(END) Dow Jones Newswires
July 03, 2019 09:39 ET (13:39 GMT)
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