Energy company Repsol plans to launch 1.3 gigawatts of renewable energy in 2024

Repsol It plans to launch 1.3 gigawatts of new renewable energy this year with projects coming online mainly in Spain and the United States. Alongside the commissioning of new megawatts in Spain, Repsol will accelerate two of its “star” solar PV projects in the United States. The company already operates 100 MW of the “Frye” project and plans to promote the project this year, which will add a total of 637 MW, while it will also add a 629 MW “Outpost”. With 1.1 GW of new capacity commissioned last year, Repsol now has a total of 2.8 GW in operation in Spain, the US, Chile and Italy. In fact, the largest weight of this portfolio corresponds to solar at 45%, followed by wind at 30%, and hydropower, where it has the Aguayo Expansion Project to raise the pumping capacity to approximately 1,400 MW.

Regarding the development of the company's seven industrial parks for the development of renewable fuels, renewable hydrogen and biomethane, Repsol's goal is to reach a total production capacity ranging between 1.5 and 1.7 million tons in 2027 and up to 2.7 million in 2030 in the Iberian Peninsula and in the Mediterranean region. . United State. The company's next goal is to start operating the Cartagena Advanced Biofuels plant next February, which will produce 250,000 tons of renewable fuel annually and will be joined in 2025 by a second plant in Portolano with a production of 240,000 tons.

For its part, the update of the group's strategic plan, throughout the period 2024-2027, expects net investments ranging between 3,000 and 4,000 million euros to develop its project portfolio organically and reach up to 10 GW of installed capacity in 2027 among the Iberian countries. Peninsula, the United States, Chile and Italy, according to Europa Press. Furthermore, Repsol CEO, Josue John Imaz, stated that he does not expect “large” or “small” acquisitions to continue to grow in renewables in the period 2024-207, which covers the new refresh of the group, and has now chosen Leading business through organic growth. According to Emaz, “The way to create value is not to buy a wind farm in production, but rather to implement its development and then sell 49% to increase the profitability of this project.”