October 7 (Renewables Now) - Spanish oil-and-gas company Repsol SA (BME:REP) has founded a new renewables unit, named Repsol Renovables SL, according to Monday’s issue of the commercial registry gazette.
Repsol Renovables, which has a listed address in Madrid, started operations on September 11, 2019. The new company is established to carry out “all kinds” of activities, works and services, whether own or related to project deals, engineering, development, construction, installation, operation, maintenance and sale of power plants.
The new unit's sole administrator is Joao Paulo Costeira Nogueira de Sousa, formerly an executive and board member of EDP Renovaveis SA (ELI:EDPR) who resigned from the company early this year.
After last year’s acquisition of unregulated low-emissions power generation operations from Spanish energy company Viesgo along with a portfolio of 750,000 customers, Repsol established Repsol Electricidad y Gas to enter into the retail electricity market.
Repsol has set a target to reach some 4,500 MW of low-emissions generation assets by 2025. As of July, the company had 2,952 MW in operation and 1,083 MW of wind and solar projects in various stages of development, a figure that includes the 19.4% share in the 25-MW WindFloat floating wind project off the Portuguese coast.