Repsol announced the completion of construction of its Frye Solar project in the United States. The largest solar power plant built by the company to dateWith a total installed capacity of 637 MW and 570 MW already in operation.
With this facility located near the American city of Cress in Swisher County (Texas) which consists of approx One million solar panelsRepsol is taking another step to strengthen its presence in this country, where it continues to develop important projects.
Repsol photovoltaic plant in the United States
Guaranteed profitability
Repsol has already signed a contract to establish this photovoltaic power plant in the United StatesLong-term energy purchase and sale agreement (PPA) for 89% of the production of this project, as part of its strategy to ensure the profitability of this type of assets.
The power purchase contract is intended to ensure that the buyer receives a stable supply of clean energy Competitive and predictable priceswhich also contributes to achieving its sustainability goals.
“The completion of our largest renewable energy facility in the United States to date is an important milestone that will contribute to Repsol’s commitment to becoming a leading renewable energy company. Net zero emissions in 2050“, announced Federico Toro, director of the company’s North American low carbon generation operations. “Our ambition for growth in this country is great,” he added.
Decarbonization strategy
Repsol’s total renewable capacity installed and under development in Texas The capacity is 2,091 MW, including Frye (637 MW), Outpost (629 MW) and Bennington (825 MW), according to multinational reports.
In addition to this large photovoltaic plant in the United States, Repsol is currently mentioning this It already generates renewable electricity at its solar plants in New Mexicoand Jicarilla 1 and 2, with a total installed capacity of 125 MW and 20 MW of battery storage. Repsol has entered the US onshore wind market through the acquisition of ConnectGen from Quantum Capital Group.
Renewable energy generation is one of the pillars of Repsol’s decarbonisation strategy, which through the Strategic Modernization Plan, Repsol It will invest between 3000 and 4000 million Euro to develop its global project portfolio organically and aims to reach between 9,000 MW and 10,000 MW of installed capacity in 2027. Of this number, 30% will be in the United Statesafter merging the Hecate and ConnectGen project portfolios.
Growth in the United States
Repsol entered the US renewable energy market in 2021 with Purchasing 40% of Hecate Energy Companya North American company specializing in developing renewable energy and energy storage projects.
In September 2023, Repsol acquired the 20,000 MW project portfolio of ConnectGen, a multi-technology renewable energy developer. Wallet included Wind, solar, and onshore energy storage projects In the United States. This acquisition marks Repsol’s entry into the onshore wind energy business in the United States.
Thanks to these operations, Repsol claims to be “progressing” in its goals Diversify your renewable business geographicallyComplementing its capabilities, improving its portfolio and creating a strong platform with great growth potential.
Alliance for Decarbonization
In this sense, Repsol’s commitment to zero emissions was embodied with the creation and launch in September 2023 of All4Zero, a unique technological innovation center in Spain, with the aim Accelerate the development of disruptive technologies In the field of decarbonisation and circular economy in industry.
In this path, it has collaborated with three other industrial giants active in Spain such as ArcelorMittal, Holcim and Iberia in a special multi-sectoral and non-profit project “generated from the total experience and technological capacity of the country”. “Industrial Sector” to its four partners, who share common strategic goals related to decarbonizing their activity and achieving the goal Net zero emissions by 2050».
Biofuels
Moreover, in this context Renewable energyRepsol recently launched the first plant in the Iberian Peninsula dedicated exclusively to the production of 100% renewable fuels on an industrial scale in Cartagena.
The company described this event as a “milestone in Decarbonizing transportation In the Iberian Peninsula, he pointed out that the new factory has a production capacity of 250 thousand tons annually, after an investment of 250 million euros.
