As part of its energy transition strategy, Cepsa, a Spanish oil and gas company, expects to invest between $7.8 billion and $8.9 billion in Spain and Portugal by 2030. From next year, the corporation will devote more than 60 per cent of its investment to sustainable businesses. Cepsa has stated that it intends to build a 7 GW renewable energy project pipeline for its own usage, which will include solar and wind generating plants. Out of this, 1.5 GW of capacity has been connected to the grid.
Cepsa’s new 2030 ‘Positive Motion’ strategy, which intends to position the corporation as a leader in energy and transportation, includes the investment plan. Cepsa’s current goal is to be the market leader in green hydrogen generation in Spain and Portugal by 2030, with a capacity of 2 GW.
In February 2022, BayWa r.e. was selected as the strategic investor to acquire a Spanish solar development portfolio through an international tender process. The said portfolio is sponsored by Quercus, a specialist investor in renewable energy. The portfolio consists of 11 solar development projects in Spain with a total installed capacity of over 700 MW.
REGlobal’s Views: With increasing concerns surrounding climate change and energy security in Europe, many oil and gas majors like Cepsa are aggressively expanding their clean energy portfolios especially in the biofuels and green hydrogen spaces.