Repsol to get hold of half of 1.6-GW-plus wind, solar portfolio in Chile
- Spanish oil-and-gas major Repsol SA (BME: REP) on Thursday claimed it has authorized an agreement with compatriot Grupo Ibereolica Renovables to gain access to a 1,688-MW wind as well as solar portfolio in Chile in 2025, with a possibility for another 1,000 MW in 2030.
Repsol and the renewables designer will set up a 50/50 joint endeavor (JV) in Chile, which the oil firm will certainly beef up with EUR 168 million (USD 194.3 m) via a capital rise.
The funds, to be disbursed by Repsol via 2023, will certainly allow the growth as well as building and construction of 3 wind and 2 solar projects over the following 5 years.
From 2025 onwards, Repsol will have the option to take control of the JV as agreed with Ibereolica Renovables.
Of the total that remains in the Chilean portfolio, 78 MW of sustainable power ability is currently in operation. The wind and also solar projects that will certainly be functional in 2025 amount to 110 MW incomplete and also 1,500 MW in the advanced advancement phase, Repsol specified in its profits launch today.
The JV prepares to construct an added 1,000 MW of projects by 2030.
Repsol today reported a loss of EUR 2.48 billion for the very first fifty percent of 2020 following a duration of record-low costs of oil. However, it stated its dedication to its blossoming renewables company as well as raised the target for low-carbon electrical power generation to 7,500 MW by 2025.
The business is currently building one wind and also two solar projects in Spain. Thus far, it has 2,952 MW of overall installed renewables capacity and 2,300 MW of projects in different stages of growth.
The new arrangement will note the 2nd time Repsol actions outside Spain to participate in the renewables advancement. The power firm is an investor in the 25-MW WindFloat Atlantic drifting wind ranch found off the coast of Portugal.