Spanish integrated firm Repsol has increased its target for installed renewable power capacity to 20GW in 2030 from a previous target of 12.7GW, with Spanish capacity accounting for about a third of projects by the end of the decade, compared with 90pc currently.
The target hike reflects an enlarged and diversified global pipeline of 48.9GW of solar photovoltaic (PV), onshore wind and hydropower projects — about 11GW of which is in Spain.
The pipeline includes an estimated 1.7GW of capacity expected online by the end of this year, up from 1.2GW in the first half and largely located in Spain.
Repsol has outlined the geographical and technological split for its new target of 6GW of renewable capacity by 2025, which it increased from 5.2GW in July.
Spain will still account for over half of the 2025 expected capacity, implying a near doubling of Repsol's renewable footprint in the country over the next four years, while the firm's recent acquisitions of stakes in Chilean and US wind and solar developers will account for most of the rest.
Solar PV will double its weight in Repsol's technology mix by 2025 from the 27pc share at the end of 2021, largely at the expense of hydropower, where capacity will be little changed.
The planned renewable capacity expansion is part of Repsol's plan to fast track the development of its low carbon business, including green hydrogen production, emissions reductions at its refineries, carbon capture and storage and bio and synthetic fuels.
Repsol has increased planned investments in its low carbon business in 2021-25 by €1bn to €6.75bn ($7.83bn), or 35pc of its total capital expenditure budget over the period of €19.3bn, up from 30pc previously.
