LONDON: EIG Global Energy Partners is in early discussions with Repsol to buy a slice of the Spanish company’s oil and gas exploration and production business, three sources with knowledge of the matter told Reuters.

The US fund is seeking to purchase up to 25% of Repsol’s so-called upstream business, the sources said, in a deal that would give the Spanish group cash for its plans to build clean energy capacity such as solar plants and wind farms.

The sources did not give a value for any deal, but analysts have said the upstream business is worth between 14 billion and 18 billion euros ($15 billion and $19 billion), including debt.

The companies began talks after EIG made an unsolicited offer, said the sources, who declined to be identified because the discussions were private. They said talks could take months and there was no guarantee a deal would be reached.