Repsol and EDF Renewables have entered into a cooperation in relation to offshore wind in Spain and Portugal.
The companies have signed an exclusivity agreement to cooperate on future tenders in the Iberian Peninsula, given it offers significant growth opportunities.
Executive managing director of low carbon generation at Repsol Joao Costeira said: “This alliance between Repsol and EDF Renewables, two of the most significant energy companies in Europe, highlights the interest in the sector to explore renewable energy generation opportunities that offshore wind will provide in Spain and Portugal, once the regulatory framework in both countries is defined.”
To develop its portfolio of renewable projects, Repsol has set an investment framework of between €3bn and €4bn net until 2027.
Repsol expects to have 9000MW-10,000MW installed by 2027, of which 50% will be in the Iberian Peninsula and 30% in the US.
EDF Renewables had a gross installed wind and solar capacity of 21.2GW worldwide at the end of 2023.
The company benefits from more than 10 years of experience in offshore wind power.
EDF Group senior executive vice-president in charge of international division, chairwoman and chief executive of EDF Renewables Beatrice Buffon said: “We are delighted to sign this exclusivity agreement with Repsol, a major energy player in the Iberian Peninsula.
“Repsol and EDF Renewables will combine their respective expertise to cooperate in future offshore wind tenders in Spain and Portugal, an important step in our development in Europe.”