Repsol and EDF Renewables partner for offshore wind projects in Spain and Portugal

Repsol and EDF Renewables have entered into an exclusivity agreement to collaborate on future offshore wind tenders in Spain and Portugal. This strategic partnership aims to leverage the significant growth opportunities offered by the Iberian Peninsula in the renewable energy sector.

Renewable generation projects are a cornerstone of Repsol’s energy transition strategy. The company has committed to investing between €3 and €4 billion net by 2027 to develop its renewable energy portfolio. Repsol aims to have 9,000 MW to 10,000 MW of installed capacity by 2027, with 50% of this capacity located in the Iberian Peninsula and 30% in the United States. This substantial investment reflects Repsol’s dedication to becoming a major player in the renewable energy market.

EDF Renewables, a global leader in renewable electricity generation, boasted a gross installed wind and solar capacity of 21.2 GW worldwide at the end of 2023. With over a decade of experience in offshore wind power and a historical presence in Europe, EDF Renewables is at the forefront of floating offshore wind technology. The company is committed to developing, building, and operating competitive, responsible, and value-creating projects to combat climate change.

This collaboration combines Repsol’s multi-energy growth strategy and knowledge of the Spanish and Portuguese markets with EDF Renewables’ expertise in offshore wind, including both fixed and floating technologies. This partnership aims to support the renewable energy goals of Spain and Portugal.

João Costeira, Executive Managing Director of Low Carbon Generation at Repsol, emphasized the significance of this alliance, noting that it highlights the sector’s interest in exploring renewable energy generation opportunities, particularly offshore wind, in Spain and Portugal once the regulatory frameworks in both countries are defined.

Béatrice Buffon, Senior Executive Vice-President of EDF Group in charge of the International division, Chairwoman and CEO of EDF Renewables, expressed her enthusiasm about the agreement, stating that combining the expertise of both companies will be crucial for future offshore wind tenders in Spain and Portugal, marking an important step in their development in Europe.

This partnership between Repsol and EDF Renewables represents a strategic move to capitalize on the growing demand for renewable energy in Europe. The Iberian Peninsula offers vast potential for offshore wind projects, and this collaboration could significantly accelerate the region’s transition to renewable energy. Both companies bring complementary strengths to the table, positioning them well to compete in upcoming tenders and contribute to the EU’s renewable energy targets.