Repsol and the renewable energy group Ibereólica Renovables have announced a joint venture, which will offer the oil giant access to a portfolio of renewables projects in Chile.
This involves plants already in operation, construction or development of more than 1,600MW by 2025 – that is likely to exceed 2,600MW in 2030.
The partnership is the first renewable energy project outside Spain and Portugal the oil and gas company has ever committed and will see an investment of €168 million (£152.7m) for a 50% stake in the venture.
The joint venture will have a portfolio of wind and solar assets, which are distributed into 78MW of renewable generation capacity already in operation, 110MW under construction, 1,500MW in advanced stages of development which will be operational in 2025 and another 1,000MW planned for 2030.
The projects are located mainly in the northern regions of Chile.
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