Repsol is accelerating its push into renewable energy as part of a broader strategy to become a multi-energy company and to actively participate in the offshore wind wave. The group led by Josu Jon Imaz has secured an exclusive partnership with EDF Renewables, the green arm of the French energy giant, to join forces on future offshore wind tenders in Spain and Portugal. This alliance signals a clear path to capture the growing offshore wind opportunities in the Iberian Peninsula. Earlier, Repsol had formed a strategic alliance with Ørsted two years prior to develop floating wind projects off Spanish shores. However, Ørsted later exited Spain as part of a broader reorganization tied to financial pressures, reshaping the regional wind landscape. (Source: EDF Renewables press materials, 2024)
Repsol is intensifying its transformation from a traditional oil company into a multi-energy player, placing renewable electricity generation at the core of its decarbonization agenda. To build out its renewable project portfolio, the company has set an investment framework of between 3 to 4 billion euros net through 2027. Repsol targets installing between 9,000 and 10,000 megawatts of capacity within three years, with about half of this capacity in the Iberian Peninsula and roughly 30% slated for the United States. (Source: Repsol corporate plans, 2023-2027 update)
Molinos en las costas españolas. The Spanish government is moving toward approval of new regulations to enable the long-awaited offshore wind auctions along Spain’s coasts, albeit delayed. The Ministry for Ecological Transition’s plan includes public tenders to award 30-year concessions for use of the marine public domain. Spain aims to install between 1,000 and 3,000 MW of offshore wind by 2030, following the government’s road map ahead of the current energy crisis. (Source: Spanish Ministry of Ecological Transition policy briefs, 2024)
Spain has lagged behind offshore wind revolutions seen in the United States, the United Kingdom, or Germany, largely due to the depth of its territorial waters and the challenges of anchoring turbines to the seabed. Rapid advances in floating offshore wind technology provide a way forward, allowing Spain to participate in the offshore wind boom without being constrained by water depth. (Source: sector analyses and market briefings, 2023-2024)
Repsol emphasizes the suitability of the EDF Renewables alliance in light of these offshore conditions. EDF Renewables brings more than a decade of experience in offshore wind and is a pioneer in floating turbine technology, positioning the partnership to leverage both companies’ strengths as Spain considers its offshore future. (Source: EDF Renewables and Repsol collaboration notes, 2024)