Repsol plans to launch a new record renewable capacity for the group this year, adding 1.3 new gigawatts (GW) to its “green portfolio” with the entry into operation, mainly, of projects in Spain and the United States. The energy company will thus exceed the pace of deployment of renewable projects reached in 2023, when it launched 1.1 GW of new capacity. Along with the entry of new megawatts in Spain, Repsol will accelerate two of its ‘star’ projects in the United States, the ‘Frye’ and ‘Outpost’ solar projects. The company already operates 100 megawatts (MW) in ‘Frye’ and plans to promote the project this year, adding a total of 637 MW, while it will also advance in ‘Outpost’, which is 629 MW. With the commission of 1.1 GW of new capacity last year, Repsol now has a total of 2.8 GW operating in Spain, the United States, Chile and Italy.
The energy company led by Josu Jon Imaz, since its entry into the electricity and gas generation and marketing business in 2018 with the acquisition of the assets of Viesgo, has been developing renewables using the acquisition of medium-sized company in the sector as a lever. sector, such as American Hecate and ConnectGen or Asterion. These acquisitions allow it to establish itself in strategic markets – such as the United States or Italy – and create a ‘pipeline’ of 60 gigawatts (GW) that is diverse in geographies and technologies.
In fact, the greatest weight in this portfolio corresponds to solar, with 45%, followed by wind -30%- and hydroelectric, where there is a project to expand Aguayo to bring its pumping capacity to around 1,400 MW . 70% of this portfolio is located in Iberia, while 21% is located in the United States, the two main strategic markets for the group.
The update of the group’s strategic plan envisages, throughout the period of 2024-2027, investments between 3,000 and 4,000 million euros net to organically develop the project portfolio and achieve 9 -10 GW of installed capacity in 2027 Between 4-5 GW will be in the Iberian Peninsula, with an increase of 2-3 GW new in time, while the installed renewable capacity in the United States will reach 3-4 GW in 2027, with the implementation of 2-3 GW of additional capacity in the next three. years. In addition, the company plans to expand its presence in Chile and Italy, with a combined installed capacity of 1,500 MW by 2027.
