The oil company adds five wind and solar parks in Palencia and reaches a portfolio of 3,200 green MW in Spain
Repsol gives back to its green bet and grows in renewables in emptied Spain. The first Spanish oil company has sealed an agreement with the promoter ABO wind to add 250 megawatts (MW) additions to its renewable portfolio with the purchase of three wind farms and two other solar projects. With this acquisition, the renewables portfolio of the company that runs Joshua Jon Imaz reaches 3,200 MW in operation, construction and advanced state of development in national territory.
The aforementioned portfolio of assets is fully in an advanced stage of development, as it has a positive Environmental Impact Statement (DIA), one of the main milestones that renewable projects must meet in order to continue with construction. This megawatt package is expected to come into operation between 2024 and 2025. Repsol’s estimated investment in this operation could be close to €62.5 millionaccording to the prices that are now being paid in the market for renewable assets with environmental authorization.
Both the three wind projects, which total 150 MWlike the two photovoltaics (100 MW), are located in the province of Palencia and will share interconnection infrastructures with part of PI, Repsol’s first renewable project in Castilla y León, located between Palencia and Valladolid, and which has recently started operating the first wind turbines in the wind farm La Serna, in the Valladolid town of Ciguuela.
In the last year, Repsol has carried out a powerful acquisition policy to boost its renewable portfolio. At the end of 2022, the energy company closed the purchase of a huge portfolio of projects from the fund Asterion. Repsolof more than 7,700 MW, valued at nearly 600 million euros.
Repsol is experiencing a sweet moment. The group chaired by Antonio Brufau shoots up its net profit in 2022 70%, until reaching 4,251 million euroscompared to the almost 2,500 million that it registered in 2021. With these wickers, the company has accelerated its commitment to green and has announced an increase in the cash dividend of 11% by 2023, up to 0.70 euros gross per share, bringing forward the objective that the strategic plan left for 2024.
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