Repsol To Invest €500 Million For 1.7 GW Renewables In Italy

Repsol will develop renewable projects in Italy totalling 1,768 MW. It has a portfolio in the country that, once fully operational, will add 943 MW of wind and 825 MW of photovoltaic solar projects to the multi-energy company's portfolio of renewable projects. More than 60% of the projects in Italy are at an advanced stage of development.

It will cost about EUR 500 million ($550 million) to develop the 1.7-GW of renewable energy.

With the aim of becoming a global player in renewable energy, Italy is one of the countries where Repsol has focused its international expansion as it offers great potential to strengthen the company’s position in markets that are key in Europe.

Repsol already has an office in Milan to manage this portfolio and the possible increase in assets in the country.

Repsol said that the acquisition of several projects, together with those acquired through the recent purchase of Asterion Energies in Italy, make up a portfolio located in the regions of Puglia, Lazio, Sardinia, Umbria, Sicily, Basilicata, Molise, and Tuscany.

The company plans to start construction of its first two photovoltaic solar plants in the country in due course. They will have a capacity of 11 MW and will be located in the Puglia region (southern Italy).

Global Presence In Renewables

The company’s 2021-2025 Strategic Plan envisages reaching 6,000 MW of installed capacity by 2025 and 20,000 MW by 2030. The multi-energy company's current portfolio of installed renewable generation projects totals more than 2,000 MW.

In December 2022, Repsol signed the acquisition of Asterion Energies, incorporating a portfolio of renewable assets of 7,700 MW.

Apart from its activity in Spain, where it has 1,600 MW of installed capacity in renewables, including wind, photovoltaic solar, and hydro, Repsol already has 62.5 MW in operation in the United States; 179 MW in Chile, through a joint venture with the Ibereólica Renovables Group; and 3 MW in Portugal, through its participation in the WindFloat Atlantic floating wind farm.