- Press Releases
March 14 (Renewables Now) - Spanish telecommunications company Telefonica SA (BME:TEF) and multi-energy group Repsol SA (BME:REP) have formed a 50/50 joint venture (JV) that will focus on providing customised solar self-consumption solutions for the residential and business sector in Spain.
The JV will install solar panels for private customers, neighbourhood communities, small and medium-sized enterprises (SMEs) and large businesses, but the alliance will also serve as the springboard for Telefonica and Repsol to look into opportunities to jointly offer other home and business energy services, the Spanish duo said in a joint statement.
The new company will start offering services in a few months, as soon as it secures regulatory clearance. It will have its own management and a team of specialists on solar self-consumption that will provide advice, installation, monitoring, maintenance and other tailor-made and value-added services, according to the statement.
Repsol and Telefonica did not say what the new company will be called.
The Spanish self-consumption market ballooned last year as more citizens and business owners rushed to install their own solar panels due to surging electricity prices on the market. Spanish association of renewable energy companies APPA said in January the nation installed 1,151 MW of solar PV self-consumption systems in 2021, or 85% more compared to 2020.