Spanish oil giant Repsol is refocusing its strategy on renewable energy potentially paving the way for further offshore wind projects.
Repsol president Antonio Brufau revealed in a general meeting of shareholders that the company will now commit to fighting climate change, adding it is ready to face all the challenges of Spain’s energy transition.
Repsol has already developed activities in the renewable energy sector in two offshore wind power pilot projects. They include the Principle Power, Inc. (PPI) project in Portugal, which was launched in 2011 and the WindFloat Atlantic (WFA) Project.
The latter is being developed in partnership with EDP Renewables, Mitsubishi Corp, Chiyoda Corp, and Engie.
Repsol believes new renewable energies will still require the support of gas power production, due to their intermittent nature. Around 63% of Repsol’s electricity production comes from gas power plants.