Repsol, EDF Renewables form offshore wind team for Iberian tenders

Spanish energy group Repsol SA (BME:REP) and EDF Renewables will team up for future offshore wind power auctions in Spain and Portugal.

For this purpose, the two companies have entered into an exclusive agreement, it was announced on Thursday.

Commenting on the news, Beatrice Buffon, Senior Executive Vice President of the EDF Group responsible for the International division, and President and Executive Director of EDF Renewables, said that Repsol will provide its market knowledge while EDF Renewables will contribute its technological experience.

Repsol said in a statement that it expects to have 9,000 MW to 10,000 MW of installed renewables capacity by 2027 and half of it will be in the Iberian Peninsula. To achieve this goal, the firm estimates it has to invest between EUR 3 billion and EUR 4 billion (USD 4.37bn).

At the end of 2023, EDF Renewables had 21.2 GW of gross installed wind and solar capacity around the world, the statement mentions.

(EUR 1.0 = USD 1.093)

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