Repsol and EDF Renewables have reached an exclusivity agreement to join forces in view of future offshore wind tenders in Spain and Portugal, given that the Iberian Peninsula offers significant growth opportunities.

Renewable generation projects are one of the strategic pillars of Repsol's energy transition process. To develop its portfolio of renewable projects, the company has set an investment framework of between €3 and €4 billion net until 2027. Repsol expects to have 9,000 MW-10,000 MW installed by 2027, of which 50% will be in the Iberian Peninsula and 30% in the United States.

EDF Renewables is an international leader in renewable electricity generation, with gross installed wind and solar capacity of 21.2 GW worldwide at the end of 2023. The company benefits from more than 10 years of experience in offshore wind power with an historical presence in Europe cradle of offshore wind energy. EDF Renewables is also one of the pioneers of floating offshore wind technology. As a major player in the energy transition worldwide, EDF Renewables develops, builds and operates competitive, responsible and value-creating projects to fight against climate change.

This collaboration brings together Repsol's commitment to multi-energy growth and knowledge of the Spanish and Portuguese markets and EDF Renewables' expertise in offshore wind, whether fixed or floating, to support Spain and Portugal’s objectives in renewables.

João Costeira, Executive Managing Director of Low Carbon Generation at Repsol, said: "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.”

Béatrice Buffon, EDF Group Senior Executive Vice-president in charge of international division, Chairwoman and CEO of EDF Renewables, added: “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.”