Repsol hand in hand with Ibereólica to build 2.6GW of renewables in Chile

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Repsol signed an agreement with Grupo Ibereólica Renovables that gives Repsol access to a portfolio in Chile of projects in operation, construction, or development of more than 1.6GW in 2025, with the possibility, thanks to this agreement, to exceed 2.6GW in 2030.

Repsol and Grupo Ibereólica Renovables will create a joint venture in Chile with each party holding 50%, through an increase of capital of 168 mln euros to be disbursed by Repsol through 2023.

The funds incorporated in the increase of capital will strengthen the joint venture’s resources and will allow five renewables projects to be developed and built over the next five years in Chile, with a total installed capacity of more than 1.6GW, comprising three wind farms and two solar farms.

Repsol thus gains access to quality assets and a good future pipeline in a stable market such as Chile, already well consolidated in the renewable sector and for which growth is forecast thanks to the existence of areas with abundant sun and wind resources.

The company has increased its target for low-carbon electricity generation capacity by 3,000 MW, to 7,500 MW by 2025, and with this strategic alliance in Chile will start to expand into other markets to become a significant international renewable energy player.

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