Repsol is on track to post net investment of between €16bn and €19bn until 2027 allocating more than a third to renewable and low carbon initiatives.
During the company’s 2024-2027 Strategic Update, Repsol stated it will invest between €3bn and €4bn to organically develop its renewables project portfolio and reach between 9GW and 10GW of installed capacity by 2027.
Of this, 50% will be in the Iberian Peninsula and 30% in the US, after consolidating the pipeline of Hecate and ConnectGen.
Repsol plans to expand its presence in Chile and Italy, with a combined installed capacity of 15GW in 2027.
One of the key aspects of this strategy is optimizing the financial structure and profitability of the projects through the rotation of the asset portfolio and the incorporation of partners or project financing, to maximize value generation and ensure returns of over 10%.
A key pillar of the company’s energy transition is to invest in renewable electricity generation.
Since 2018 more than 28GW has been installed in Spain, the US, Chile, Italy and Portugal.
The project portfolio amounts to 60GW, following the acquisition of several renewable platforms in Spain (Asterion Energies) and the United States (Hecate and ConnectGen).
Repsol chief executive Josu Jon Imaz said: “Over the next four years we will stay the course on the strategy we presented in our previous plan to address the energy transition and we will focus on all the types of energy that meet our customer’s needs.
“We are convinced that this approach, in which decarbonization is an attractive opportunity to create value, grow and be profitable, is the most appropriate one for us.”