Repsol increases its renewables target following strong business performance

Facebook
Twitter
LinkedIn
Reddit
Email
The Spanish Oil and Gas giant has set itself a target of having 15GW of renewable energy capacity by 2030. Image: Repsol.

Spanish oil and gas major Repsol has increased its renewable energy target from 5.2GW to 6GW and its Low Carbon generation objective from 7.5GW to 8.3 GW by 2025 after posting strong financial results for Q2, which saw the company largely return to pre-pandemic levels.

The opening of its Kappa solar farm, other planned solar and wind projects and entry into the US market through the acquisition of a 40% stake in Hecate Energy has buoyed the company’s expectations about its renewable portfolio growth. Last year, Repsol set itself a target of 15GW of renewables capacity by 2030.  

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

“The [Hecate energy] agreement is fully aligned with Repsol’s Strategic Plan and represents a substantial step forward in the achievement of the company’s targets for low-emission generation capacity and internationalisation of this business by 2025,” said Repsol CEO Josu Jon Imaz.

Results for Q2 also showed how the company’s adjusted net income rose 4% on Q1 2021, although it was still 2% lower than Q2 2019. Its net debt also dropped 6% to €6.4 billion (US$7.61 billion).

“Adjusted net income for the first half of 2021 was €228 million, 40% higher year-on-year primarily driven by higher results in Mobility and Aviation due to lower restrictions as well as the good performance of the Renewables and Low Carbon Generation business,” said Repsol.

Repsol also presented and improved business outlook to the end of 2021, with a “better macro environment supporting higher EBITDA and lower net debt”.

Read Next

May 19, 2025
Premier Energies has partnered with Sino-American Silicon Products Inc to establish a 2GW per annum silicon wafer manufacturing facility in India.
May 19, 2025
Solar manufacturer T1 Energy has revised down its guidance for 2025 due to near-term trade policy uncertainties.
May 15, 2025
Solar tracker manufacturer Nextracker has expanded its portfolio of products with the acquisition of US-based electrical infrastructure manufacturer Bentek Corporation for US$78 million.
May 9, 2025
Scatec has announced revenues of NOK2.39 billion (US$230 million) and profits of NOK1 billion (US$96 million) in the first quarter of 2025.
May 9, 2025
Continued “weak demand” from the commercial and industrial (C&I) and residential segments has negatively impacted SMA Solar’s sales and income in the first quarter of 2025.
May 8, 2025
The attachment rate of energy storage with a solar array has reached 69% in the first quarter of 2025 for US residential installer Sunrun, while the company expects the tariff outlook to be manageable.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
May 21, 2025
London, UK
Solar Media Events
June 17, 2025
Napa, USA
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 8, 2025
Asia