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.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
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.