Repsol and Ørsted are collaborating to jointly become developers in Spanish offshore wind by forming an alliance that combines Repsol’s expertise as a global multi-energy provider and Ørsted’s offshore wind experience.
Spain is targeting 3 GW of floating offshore wind by 2030.
“We’re excited to join forces with Repsol to explore floating offshore wind development 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 in deeper waters,” says Martin Neubert, deputy group CEO and Chief commercial officer at Ørsted.
Repsol recently raised its installed capacity targets for 2030 to 20 GW, an increase of 60% compared to the previous target. By 2025, installed capacity will increase to 6 GW. In October 2021, Repsol increased its investment ambitions for low-carbon projects. Between 2021 and 2025, the Madrid-based 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 its strategic plan approved in November 2020.
“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 we already have experience thanks to our involvement in the Windfloat Atlantic project off the coast of Portugal,” states João Costeira, executive director of low carbon generation at Repsol.
Ørsted has a growing portfolio of onshore wind, solar and renewable hydrogen projects with an ambition of installing 50 GW renewable energy by 2030. To date, Ørsted has installed approximately 13 GW renewable energy capacity across offshore wind (7.6 GW), onshore wind (3.4 GW) and sustainable biomass (2.0 GW).
“Spain has 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 green energy at scale from floating offshore wind farms,” comments Rasmus Errboe, Ørsted’s head of region Continental Europe. “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.”
