Repsol and Orsted have an ambition of jointly becoming a leading developer in Spanish offshore wind by combining their complementary strengths. The alliance combines Repsol’s expertise as a global multi-energy provider with Ørsted's experience as the global leader in offshore wind. After several years of concept development and small-scale testing, floating offshore wind is now on the brink of commercialisation, and the global floating offshore wind market is expected to reach 21 GW of installed capacity by 2035, according to estimates from Bloomberg New Energy Finance. Spain targets 3 GW floating offshore wind by 2030, and the Spanish supply chain is well-prepared to enter floating offshore wind on the back of decades of experience from supplying to Spain’s massive fleet of onshore wind farms.Renewable power generation is one of the pillars of Repsol's decarbonisation strategy. The company recently raised its installed capacity targets for 2030 to 20 GW, an increase of 60% compared to the previous target. By 2025, installed capacity will increase to 6 GW. In October 2021, Repsol increased its investment ambitions for low-carbon projects. Between 2021 and 2025, the Madrid-based multi-energy company will allocate an additional EUR 1 billion to low-carbon projects, raising the total to EUR 6.5 billion from the EUR 5.5 billion set out in its strategic plan approved in November 2020. Moreover, in December 2019, Repsol became the first company in its sector to commit to carbon neutrality by 2050.
Repsol and Orsted have an ambition of jointly becoming a leading developer in Spanish offshore wind by combining their complementary strengths. The alliance combines Repsol’s expertise as a global multi-energy provider with Ørsted's experience as the global leader in offshore wind. After several years of concept development and small-scale testing, floating offshore wind is now on the brink of commercialisation, and the global floating offshore wind market is expected to reach 21 GW of installed capacity by 2035, according to estimates from Bloomberg New Energy Finance. Spain targets 3 GW floating offshore wind by 2030, and the Spanish supply chain is well-prepared to enter floating offshore wind on the back of decades of experience from supplying to Spain’s massive fleet of onshore wind farms.Renewable power generation is one of the pillars of Repsol's decarbonisation strategy. The company recently raised its installed capacity targets for 2030 to 20 GW, an increase of 60% compared to the previous target. By 2025, installed capacity will increase to 6 GW. In October 2021, Repsol increased its investment ambitions for low-carbon projects. Between 2021 and 2025, the Madrid-based multi-energy company will allocate an additional EUR 1 billion to low-carbon projects, raising the total to EUR 6.5 billion from the EUR 5.5 billion set out in its strategic plan approved in November 2020. Moreover, in December 2019, Repsol became the first company in its sector to commit to carbon neutrality by 2050.
