Repsol and EDF Renewables have announced an exclusivity agreement to collaborate on future offshore wind tenders in Spain and Portugal.

The collaboration will leverage Repsol's focus on expanding into multi-energy sectors and its familiarity with the Spanish and Portuguese markets, and EDF Renewables' expertise in fixed and floating offshore wind projects.

The Iberian Peninsula is recognised for its substantial growth potential in the renewable energy sector.

Renewable generation projects are a key component of Repsol's strategy for transitioning to cleaner energy sources. It has allocated an investment budget of between €3bn and €4bn net by 2027 to expand its renewable project portfolio.

Repsol aims to achieve an installed capacity of between 9GW and 10GW by 2027, with half of this capacity located in the Iberian Peninsula and 30% in the US.

Repsol low carbon generation executive managing director João Costeira stated: “This alliance between Repsol and EDF Renewables, two of the most significant energy companies in Europe, highlights the interest in the sector to explore renewable energy generation opportunities that offshore wind will provide in Spain and Portugal, once the regulatory framework in both countries is defined.”

EDF Renewables reported a gross installed capacity of 21.2GW in wind and solar power worldwide at the end of 2023.

EDF Renewables has over a decade of experience in offshore wind, including expertise in floating offshore wind technology.

EDF Group senior executive vice-president of the international division, EDF Renewables chairwoman and CEO Béatrice Buffon stated: “We are delighted to sign this exclusivity agreement with Repsol, a major energy player in the Iberian Peninsula.

“Repsol and EDF Renewables will combine their respective expertise to cooperate in future offshore wind tenders in Spain and Portugal, an important step in our development in Europe.”

In June 2024, Repsol agreed to deliver clean energy to Microsoft under virtual power purchase agreements.