Spanish oil company Repsol is boosting its renewable energy pipeline with the acquisition of two onshore wind and one solar PV projects across Spain that combined have a capacity of 794MW.
Repsol’s Electricidad y Gas unit will manage the projects that are in different phases of execution, among them the 335MW Delta wind project in Zaragoza province bought from Forestalia, a 255MW project in the provinces of Palencia and Valladolid, and the 204MW Sigma solar project in the southern province of Cadiz.
Repsol already owns the 264MW Valdesolar PV project in the region of Badajoz, which is currently in the administrative processing phase, as well as a stake in the 25MW WindFloat offshore wind project in Portugal and three hydroelectric plants in Northern Spain.
“These acquisitions represent a significant step in Repsol’s strategic objective of strengthening its positioning as a low-emissions energy operator in a business with a high potential for organic growth and profitability,” Repsol said in a release.
The renewables projects are part of the oil firm’s plan to reach a 5% market share in Spain – or about 4.5GW in capacity - in what it calls ‘low emission’ generation by 2025, which in Repsol’s definition includes gas-powered fossil generation.
The new renewable projects already have land secured as well as a guaranteed connection to the electricity transport network.