Spanish oil and gas company Cepsa plans to invest between €7bn ($7.8bn) and €8bn ($8.9bn) in Spain and Portugal by 2030 as part of its energy transition strategy.

The company will allocate more than 60% of this investment to sustainable businesses from next year.

Cepsa said that it plans to develop a 7GW renewable energy project pipeline, comprising solar and wind power facilities, for its own use.

The firm added that 1.5GW of capacity has already been connected to the power grid.

The investment plan is part of Cepsa’s new 2030 ‘Positive Motion’ strategy, which aims to position the company as a leader in energy and mobility.

Cepsa CEO Maarten Wetselaar said: “At Cepsa, we are embarking on an ambitious journey to transform our company and be a key driver and enabler of the energy transition.

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“There is no question that these are uncertain times, with the war in Ukraine upending the lives of millions of people and destabilising global energy markets.

“The strategy we are presenting today is a long-term plan that reflects the historic opportunity that Spain and its energy companies have to become key players in promoting and producing clean energy.”

Cepsa currently aims to lead green hydrogen production in Spain and Portugal by 2030 with a capacity equivalent to 2GW.

The company claims to be one of Spain’s main hydrogen producers.

With its Positive Motion strategy, Cepsa intends to establish itself as a ‘key player’ in the import and export of hydrogen between Europe, Africa and the Middle East.

The strategy also includes plans to reduce the company’s Scope I and II carbon emissions by 55% from their 2019 levels by 2030, subsequently becoming carbon-neutral by 2050.

In addition, Cepsa aims to decrease its Scope III emissions by 15%-20% by 2030.