Repsol and EDF Renewables have signed an exclusivity agreement to collaborate on offshore wind projects in Spain and Portugal, targeting significant growth opportunities in the Iberian Peninsula.
Joao Costeira, executive managing director of low carbon generation at Repsol, stated, “This alliance between Repsol and EDF Renewables, two of the most significant energy companies in Europe, highlights the interest in the sector to explore renewable energy generation opportunities that offshore wind will provide in Spain and Portugal, once the regulatory framework in both countries is defined.”
Repsol has committed to an investment framework of between €3 billion and €4 billion net until 2027 to develop its portfolio of renewable projects. The company aims to have 9,000MW to 10,000MW installed by 2027, with 50% located in the Iberian Peninsula and 30% in the United States.
At the end of 2023, EDF Renewables had a gross installed wind and solar capacity of 21.2GW worldwide, benefiting from over a decade of experience in offshore wind power.
Beatrice Buffon, EDF Group senior executive vice-president in charge of the international division and CEO of EDF Renewables, commented, “We are delighted to sign this exclusivity agreement with Repsol, a major energy player in the Iberian Peninsula. Repsol and EDF Renewables will combine their respective expertise to cooperate in future offshore wind tenders in Spain and Portugal, an important step in our development in Europe.”
