Spanish petrochemicals company Repsol has entered into a joint venture (JV) with telecommunications firm Telefonica España to establish solar projects for self-consumption, targeting single family homes, residential communities and companies—both small and medium enterprises (SME) as well as larger ones.
The new company with both the partners with 50:50 share, yet to secure regulatory approvals, will offer its customers 'an exclusive electricity tariff' for their solar installation, thanks to Repsol's experience as an energy company. Telefonica will contribute to the partnership its distribution network and technological know-how to provide connectivity to the installations.
Through the JV, the companies will offer advice, installation, monitoring, maintenance and other value-added services about the self-consumption model. A mobile application will also be provided to the customers to monitor their energy expenditure linked to the installation. It will enable the end consumers to generate their own CO2 emission-free renewable electricity while saving on their energy bills.
"This is a strategic agreement between two leading companies that contribute their knowledge in two fundamental aspects to build a solid and innovative value proposition for both individuals and companies; on the one hand, connectivity, and on the other, the installation and management of solar photovoltaic panels to take advantage of solar power," said Telefonica España Chairman Emilio Gayo.
Both the companies also plan to explore additional opportunities to jointly explore other home and business energy services.
It is a major move on Repsol's part as it is aligned with the company's target to increase its cumulative renewables generation capacity to 20 GW by 2030 with distributed generation and green hydrogen as part of the plan (see 20 GW Renewable Energy Capacity By 2030).
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