Repsol to fund up to 1.6 bln euros of Fenosa buy

MADRID, July 30 (Reuters) - Spanish oil major Repsol (REP.MC: Quote, Profile, Research) will provide up to 1.6 billion euros ($2.5 billion) towards Gas Natural's (GAS.MC: Quote, Profile, Research) bid for 45 percent of power generator Union Fenosa (UNF.MC: Quote, Profile, Research), it said on Wednesday.

Repsol owns 24.2 percent of Gas Natural.

Moments before Repsol's announcement, fellow shareholder Criteria (CRIT.MC: Quote, Profile, Research), the holding company of savings bank La Caixa, said it would provide up to 1.9 billion euros for the purchase of the Fenosa stake from building company ACS (ACS.MC: Quote, Profile, Research).

La Caixa holds 30 percent of Gas Natural according to stock exchange records. (Reporting by Ben Harding; editing by Judy MacInnes)