Repsol SA has successfully secured €348 million ($362 million) in financing aimed at advancing clean energy projects in Spain. This funding, announced on December 19, 2024, comes from a consortium of financial institutions including Credit Agricole SA, BBVA SA, Banco de Sabadell SA, and Spain’s development bank ICO. The financing will support a robust portfolio of 400 megawatts of wind and solar assets, marking a significant step in Repsol's commitment to expanding its renewable energy capabilities [85ec2bc6].
Repsol has set ambitious targets, aiming to achieve 10 gigawatts of global renewable energy capacity by 2027, with half of this capacity expected to be developed in Spain and Portugal. This strategic move follows the company's acquisition of Asterion Energies for €560 million in 2022, which bolstered its renewable energy portfolio [85ec2bc6].
In addition to its wind and solar initiatives, Repsol operates a 2.5-megawatt electrolyzer dedicated to renewable hydrogen production, showcasing its commitment to diversifying its energy offerings. Notably, Repsol was the first major oil company to pledge a commitment to net zero emissions by 2050, a goal that aligns with its recent financial strategies and investments in clean energy [85ec2bc6].
The company has also made significant adjustments in its asset management, having written down €4.8 billion in oil and gas assets in 2019, reflecting a broader industry shift towards sustainability and renewable energy investments [85ec2bc6].