- Repsol to now target to its renewables generation capacity to increase to 20 GW by 2030
- It wants to exit 2021 with 1.7 GW installed renewables capacity, with 4.7 GW projects under construction and with high visibility
- Distributed generation and green hydrogen are also part of the plan that needs to be cleared by the shareholders
As the company aims to become a net zero carbon emitter by 2050, Spanish petrochemicals firm Repsol has increased its renewables target to accelerate the transformation. As against 12.7 GW of renewable energy generation capacity aimed to be achieved by 2030, as targeted in its Strategic Plan announced earlier, Repsol is now aiming for 20 GW.
In the interim, it will target 6 GW renewables capacity by 2025, up from 5.2 GW aimed in the plan released in November 2020. This would translate into 60% increase in renewables generation capacity by 2030, according to the company’s 2021-2025 Strategic Plan.
Repsol plans to end the year 2021 with an installed renewables capacity of 1.7 GW, with another 4.7 GW projects under construction and with high visibility, thanks to its joint venture partnership signed with Ibereolica Renovables in Chile and 40% acquisition of US based Hecate Energy (see Repsol Plans JV For Over 2.6 GW Chile RE Projects and North America PV Snippets: Hecate, Invenergy, Orbital). These partnerships and project portfolio in OECD nations gives it confidence to continue with the organic growth.
In the space of distributed generation, Repsol wants to end the year with over 300 solar installations at its service stations and more than 180 solar communities as part of the company’s Solmatch initiative.
Management said it will allocate an additional €1 billion to low-carbon projects during 2021 to 2025 period taking total allocated investment to a total of €6.5 billion, up from €5.5 billion in the previous plan.
Repsol has also announced an absolute emission reduction target to reduce its methane emissions intensity to 0.20% in 2025, representing a reduction of 85% compared to previously targeted 25%. It has pledged to reducing its carbon emissions by 55% from operated assets and 30% of net emissions by 2030.
Green hydrogen in the Iberian Peninsula is also on the agenda as Repsol aims to have 552 MW capacity in 2025, and scaling it up to 1.9 GW by 2030.
Repsol CEO Josu Jon Imaz said, “The upgrade of our targets demonstrates the solid progress the company is making towards becoming carbon neutral by 2050. Ambition, technology, and project execution are enabling us to increase the speed at which we will achieve this target.”
These plans of the management need to be approved by the company’s shareholders.