Repsol Ibereólica Renovables Chile, a joint venture equally owned by Repsol and the Ibereólica Renovables Group, has signed a pivotal 14-year power purchase agreement (PPA) for its Atacama wind farm. This agreement ensures a double-digit profitability for the renewable generation asset, indicating a strong future return on investment for the venture.

Located in the municipality of Freirina, in the Huasco province of the Atacama region, the 180 megawatts (MW) Atacama wind farm is set to commence operations in the second half of 2022. This project marks the second major joint venture in Chile between Repsol and the Ibereólica Renovables Group, following the development of the 189 MW Cabo Leones III wind farm, also situated in the Atacama region. Cabo Leones III is being developed in two phases; the first phase of 79 MW began commercial operations last December, and the second phase of 110 MW is expected to start in the second quarter of 2021.

Since its inception in July last year, the joint venture has accumulated a portfolio of assets either in operation, construction, or advanced development, totaling more than 1,600 MW scheduled through 2025 in Chile. There is potential to expand this capacity to over 2,600 MW by 2030. This ambitious growth underscores the significant role that renewable energy projects play in Chile’s national energy strategy, as well as their importance to Spain’s economy—contributing significantly in the engineering phases, and the production, handling, and transportation of renewable installation components.

In line with Repsol’s Strategic Plan for 2021-2025, the company is on a clear path to becoming a net zero emissions entity by 2050. As part of its commitment to this goal, Repsol plans to allocate approximately €5.5 billion—30% of its total investment—towards low-carbon initiatives between 2021 and 2025. This strategic direction not only aligns with global climate action goals but also positions Repsol as a leader in sustainable energy practices.

This strategic venture not only advances Repsol and Ibereólica’s footprint in the renewable sector but also significantly contributes to the broader goals of energy sustainability and economic development in both Chile and Spain.

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