Spanish oil firm Repsol has changed its targets for renewable generation capacity, aiming to have 6GW of operational renewables capacity by 2025 and 20GW by 2030.
Previously, it had targeted 7.5GW of "low-carbon energy generation capacity" by 2025 and then 15GW by 2030, according to an update of its strategic plan made in November 2020. At the time, it did not specify everything that was included within low-carbon, but did plan to use wind, solar and hydro.
The company currently has 1.2GW of operational renewables capacity, and expects to have 1.7GW online by the end of 2021, according to a presentation made as part of its ‘Low Carbon Day’.
It has not confirmed exactly how much wind capacity it is aiming for but, according to the presentation, it appears to expect onshore wind to account for approximately a third of its renewables targets.
Repsol plans to make just over a third of its planned investments between 2021 and 2025 in “low-carbon projects”.
It aims to boost total investment between 2021 and 2025 to €19.3 billion, up from the €18.3 billion planned one year ago. Of that €19.3 billion, just €6.5 billion will be in “low-carbon projects”, according to Repsol’s latest update. However, this is an increase on the €5.5 billion that was planned last November.
The revised plan is subject to shareholder approval.