Repsol raises 2030 renewables target to 20GW under revised strategy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Repsol plans to end 2021 with 1.7GW of installed renewables capacity. Image: Repsol.

Spanish oil and gas major Repsol has increased its 2030 renewables target to 20GW, the bulk of which is expected to be solar PV, as part of efforts to reach net zero emissions by 2050.

Repsol will allocate an additional €1 billion (US$1.15 billion) to low-carbon projects between 2021 and 2025, up to a total of €6.5 billion, as it builds on a previous strategic plan that saw the company aim for 15GW of renewables assets by the end of this decade.

Supported by a “sizeable and diversified” pipeline, the company said it has been able to update its growth targets, which include an ambition of having 6GW of renewables by 2025, up from 5.2GW in its previous roadmap.

A presentation accompanying the announcement shows that solar PV will grow from around 27% of the company’s current renewables capacity to well over half by 2030, with the remainder corresponding to onshore wind and hydropower.

Repsol has also announced an absolute emission reduction target for the first time, pledging to reduce 55% of emissions from its operated assets and 30% of net emissions by 2030.

“The upgrade of our targets demonstrates the solid progress the company is making towards becoming carbon neutral by 2050,” said Repsol CEO Josu Jon Imaz.

By the end of the decade, Repsol forecasts that the US, Spain and Chile will be its three key markets for installed renewables capacity.

The company entered the US renewables market earlier this year with the acquisition of a 40% stake in solar and energy storage developer Hecate Energy. Repsol, which will have the option of buying the remaining shares in the company three years after the deal closes, said Hecate now has a portfolio of more than 40GW of utility-scale solar and battery storage projects in the US.

That transaction followed the creation of a Chile-focused joint venture last year with Grupo Ibereólica Renovables, targetting the development of more than 1.6GW of solar and wind projects in the country by 2025.

In Spain, meanwhile, Repsol opened its maiden solar project in the country in June, which consists of three installations with a combined capacity of 127MW in the central Castilla–La Mancha region. It has since begun generating electricity from its largest PV project in the country, the 264MW Valdesolar plant in Extremadura.

Repsol currently plans to end 2021 with 1.7GW of installed renewables capacity globally and another 4.7GW of projects under construction and with high visibility.

Read Next

June 29, 2022
Spanish independent power producer (IPP) Opdenergy is planning to launch an initial public offering (IPO) to finance its target of reaching 3.3GW of renewables assets in operation and under construction by 2025.
June 28, 2022
A proposed law in Spain aimed at clawing back revenues from emissions-free power plants would create risks for renewables investors and favour fossil fuel-fired generation, according to trade groups that have urged the European Union (EU) to intervene.
June 27, 2022
Polish PV developer R.Power is targeting the development of 1GW of solar projects in Italy in the next 12 months.
PV Tech Premium
June 22, 2022
Australia’s solar sector is poised to accelerate deployment as the country’s new government vows to unlock renewables investment, upgrade the grid and bring federal policy more in line with states and territories.
June 21, 2022
Spanish developer Matrix Renewables has signed its first US tax equity financing for two solar and energy storage projects in California.
June 21, 2022
A steep decline in solar irradiance in Spain earlier this year highlights the need for an interconnected European grid and increased investments in forecasting, according to PV data firm Solargis.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 19, 2022
Free Webinar - 10am and 6pm BST
Solar Media Events
October 4, 2022
New York, USA
Solar Media Events
October 11, 2022
Virtual event