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Repsol takes another step in its green expansion with a portfolio of almost 1,800 MW in Italy

Date: May 20, 2024 Time: 09:23:27

Repsol is giving new impetus to its international expansion in the renewable energy business with the development of a portfolio of sustainable projects totaling 1,768 megawatts (MW) in Italy. In addition, it plans to build its first two photovoltaic solar plants in the territory, which will have 11 MW of power, and which will be located in the Puglia region, in southern Italy.

For its part, the group led by Josu Jon Imaz has a portfolio in the transalpine country that, once fully operational, will add 943 MW of wind power and 825 MW of photovoltaic solar to its portfolio of renewable projects. Of this ‘green’ portfolio of the energy company, more than 60% are in an advanced stage of processing.

The company, after releasing a statement, Repsol pointed out that Italy is one of the countries on which it has focused its international expansion, “since it offers great potential to strengthen its position in markets, such as Italy, which are key in Europe”.

renewable business in italy

Repsol took the first step to enter the renewable energy business in Italy at the end of last year, with the acquisition of Asterion Energies, which allowed it to incorporate a portfolio of renewable assets of 7,700 MW, of which around 12% were in that country.

Within this growth strategy in the ‘green’ sector in Italy, a country in which Repsol had sold its fuel business in Italy to Tamoil in 2021 with the transfer of the network of 275 service stations, the company already has a office in Milan to manage this portfolio and the possible increase in assets.

The acquisition of various projects, together with those from the purchase of Asterion Energies in Italy, make up a portfolio located in the regions of Puglia, Lazio, Sardinia, Umbria, Sicily, Basilicata, Molise and Tuscany. The company’s 2021-2025 strategic plan, chaired by Antonio Brufau, contemplates boosting its commitment to renewables, reaching 6,000 MW of installed capacity in 2025 and 20,000 MW in 2030. The company’s current portfolio of installed renewable generation projects increases to more than 2,000 MW.

International expansion in renewables

The acquisition of Asterion Energies, its largest purchase in the ‘green’ energy sector, was the ‘key’ that Repsol had been looking for as a lever to further boost its growth in the renewable energy business both in Spain and in other markets Europe, stable and with great potential.

In this commitment to be a leading global player in the renewable energy market, Repsol, in addition to its activity in Spain, where it has 1,600 MW of installed capacity, including wind, solar photovoltaic and hydro, already has 62.5 MW in operation in the United States, 179 MW in Chile -through its joint venture with the Ibereólica Renovables Group-, and 3 MW in Portugal, through its participation in the WindFloat Atlantic floating wind farm.

In addition, both in the United States and in Chile, it has a broad portfolio to develop new projects. In New Mexico, it is building the Jicarilla 1 photovoltaic plant, with 62.5 MW of installed capacity and 20 MW of battery storage.

In addition, the company is building the 637 MW Frye photovoltaic solar project in the state of Texas, which will come into operation in 2024; and has approved the final investment decision for the 629 MW Outpost solar park. In Chile, the alliance with the Ibereólica Renovables Group gives Repsol access to a portfolio of projects in operation, construction and development of more than 1,600 MW until 2025 and the possibility of exceeding 2,600 MW in 2030.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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