Repsol sets up renewables unit

From pv magazine Spain.

Spanish oil business Repsol has established a renewable energy subsidiary, Repsol Renovables and plans to have 4.5 GW of clean energy generation capacity in 2025. And the fossil fuel giant claims it already has a clean energy pipeline in place sufficient to hit 90% of that ambition.

An entry in Spain’s Official Gazette of the Mercantile Registry indicates the Repsol Renovables unit, under Joao Paulo Costeira, began operations on September 11.

The document states the corporate mission of Repsol Renovables is “the realization of all kinds of activities, works and services related to the engineering, development, construction, operation, installation, operation, maintenance and disposal of projects for power generation”.

Repsol holds installed renewable energy generation capacity of 2,952 MW and has three projects under construction that will add another 1,083 MW.

The company is the latest in a long line of multinational oil groups refocusing on renewable energy. Since May last year, Repsol has awarded power purchase agreements for 102 MW of solar capacity to Solaria Energía y Medio Ambiente, S. A.; has spent around €210 million on a 264 MW solar project in Valdecaballeros, in the southern Spanish region of Extremadura; and has announced a partnership with Spanish energy company and European transmission system operator Enagás, under which the companies will produce renewable hydrogen.