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April 6, 2022

Repsol and Ørsted to develop offshore wind projects in Spain

Spain aims to have 3GW of floating offshore wind capacity installed by 2030.

Spanish power company Repsol has signed an agreement with Danish energy firm Ørsted to explore the development of floating offshore wind projects in Spain.

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The companies will combine their knowledge to identify and develop wind projects off the Spanish coast.

The partnership will contribute to Spain’s aim to have installed 3GW of floating offshore wind capacity by 2030.

In a statement, Repsol and Ørsted said that 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’.

Last year, Repsol pledged to have 6GW of installed renewable energy capacity by 2025 and increase this to 20GW by 2030. The company also aims to achieve net-zero emissions by 2050.

Repsol low-carbon generation executive director João Costeira said: “Having Ørsted, the world leader in offshore wind, as a partner positions us to be relevant in the future development of the floating technology, with which we already have experience thanks to our involvement in the Windfloat Atlantic project off the coast of Portugal.”

Ørsted aims to have 50GW of installed renewable capacity by 2030. The company has a portfolio of onshore wind, solar and renewable hydrogen projects.

To date, the firm has installed around 13GW of renewable energy capacity. Offshore wind accounts for 7.6GW of this, with onshore wind comprising 3.4GW and the remaining 2GW being sustainable biomass capacity.

Ørsted deputy group CEO and chief commercial officer Martin Neubert said: “We’re excited to join forces with Repsol to explore floating offshore wind development in Spain and to reaffirm our commitment to driving the commercialisation of this technology, which will extend the reach of offshore wind by enabling installations further offshore and in deeper waters.”

Ørsted recently agreed to sell its 50% stake in the Hornsea II offshore wind farm to AXA IM Alts and Crédit Agricole Assurances.

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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