ImpactAlpha, April 27 – Spanish oil company Repsol is a ways down the list of global oil and gas majors. But it’s among the leaders in adjusting to the new world energy order (see, “Agent of Impact: Josu Jon Imaz, Repsol”).
Repsol has broken ground on a €100 million ($108 million), 126-megawatt solar project, the company’s first, just south of Madrid. It is gearing up to start construction on a 264-megawatt farm in western Spain.
Repsol’s launch into the solar market follows its pledge to become net-zero by 2050, when it took a $5 billion write-down on its fossil fuels assets, linked executive pay to decarbonization goals, and created a renewables division.
Repsol’s renewables portfolio includes about 3-gigawatts of installed capacity and another 2-gigawatts planned or under construction. Most of its renewable assets are in wind power, including a floating wind farm off the coast of Portugal.