Repsol increases its renewables target following strong business performance

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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.  

“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”.

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