Spanish oil and gas company Cepsa is today presenting its 2030 strategy, Positive Motion, which includes the development of a 7-GW renewable energy pipeline and a focus on green hydrogen and biofuels.
Under the plan, which seeks to transform the company into an energy transition player in Spain and Portugal, Cepsa will invest between EUR 7 billion (USD 7.8bn) and EUR 8 billion in the current decade, of which more than 60% will be directed towards sustainable businesses starting in 2023.
The company aims to build the largest e-mobility ecosystem in Spain and Portugal, in partnership with Endesa, including hydrogen refuelling stations.
To support itself and customers in industry, air and maritime transport decarbonise, Cepsa targets 2 GW of green hydrogen production capacity by 2030 and a role in hydrogen exports and imports due to the location of its facilities on the Iberian Peninsula. In addition, the company will seek to achieve second-generation biofuels production of 2.5 million tonnes per year by 2030 and annual production of sustainable aviation fuel (SAF) of 0.8 million tonnes.
Cepsa also plans to develop a 7-GW portfolio of solar and wind energy projects, mainly for its own use, of which 1.5 GW already have grid connections secured.
According to Maarten Wetselaar, Cepsa’s recently appointed chief executive, who was previously part of Shell’s executive committee, at times of uncertainty on account of the war in Ukraine, the company’s plans will help strengthen Europe's energy security and independence.
“The strategy we are presenting today is a long-term plan that reflects the historic opportunity that Spain and its energy companies have to become key players in promoting and producing clean energy,” he said.
(EUR 1 = USD 1.109)
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