Repsol and Ørsted to Jointly Develop Floating Wind Projects Offshore Spain

Madrid-based multi-energy company Repsol and Ørsted have signed an agreement to identify and, where appropriate, jointly develop floating offshore wind projects in Spain.

According to Repsol, both companies have the ambition to together become a leading developer in Spanish floating offshore wind by combining their strengths. The alliance will combine Repsol’s experience as a global multi-energy supplier and Ørsted’s experience as a world leader in offshore wind.

Repsol has recently raised its installed renewable energy capacity targets for 2030 to 20 GW, an increase of 60 per cent compared to the previous target. The company plans to have 6 GW of installed renewable energy capacity by 2025.

In October 2021, Repsol increased its investment ambitions for low-carbon projects. Between 2021 and 2025, the company will allocate an additional EUR 1 billion to low-carbon projects, raising the total to EUR 6.5 billion from the EUR 5.5 billion set out in the strategic plan approved in November 2020. Moreover, in December 2019, Repsol became the first company in its sector to commit to carbon neutrality by 2050.

Repsol was also involved in the development of the first and only floating wind farm off the Iberian Peninsula, the 25 MW Windfloat Atlantic offshore Portugal.

”Having Ørsted, the world leader in offshore wind, as a partner positions us to be relevant in the future development of the floating technology, with which has growth potential on the Spanish coast and in which we already have experience thanks to our involvement in the Windfloat Atlantic project off the coast of Portugal,” João Costeira, Executive Director of Low Carbon Generation at Repsol, said.

Ørsted was recently awarded its first floating offshore wind lease area off the coast of Scotland. The company has a growing portfolio of onshore wind, solar and renewable hydrogen projects, and has an ambition of installing 50 GW renewable energy by 2030.

To date, Ørsted has installed approximately 7.6 GW of offshore wind capacity. The company has also recently set up office in Madrid.

Martin Neubert, Deputy Group CEO and Chief Commercial Officer at Ørsted, said: ”We’re excited to join forces with Repsol to explore floating offshore wind developments in Spain and to reaffirm our commitment to driving the commercialization of this technology, which will extend the reach of offshore wind by enabling installations further offshore and deeper at sea.”

Spain is targeting 3 GW of floating offshore wind by 2030 and the country’s supply chain is well-prepared to enter floating offshore wind on the back of decades of experience from supplying to Spain’s massive fleet of onshore wind farms, Repsol said.

”Spain is one of the world’s largest fleets of onshore wind and solar PV farms and by the end of this decade Spain will also be producing renewable energy at scale from floating offshore wind farms,” Rasmus Errboe, Head of Region Continental Europe at Ørsted, said.

”We look very much forward to working with Repsol, the country’s leading energy provider, to help accelerate Spain’s transition to renewable energy while creating local jobs and investing in the Spanish supply chain.”

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