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Repsol and Ørsted have an ambition of jointly becoming a leading developer in Spanish offshore wind by combining their complementary strengths. Renewable power generation is one of the pillars of Repsol's decarbonisation strategy.
 
The company recently raised its installed capacity targets for 2030 to 20 GW, an increase of 60% compared to the previous target. By 2025, installed capacity will increase to 6 GW. Between 2021 and 2025, the Madrid-based multi-energy company will allocate an additional EUR 1 billion to low-carbon projects, raising the total to EUR 6.5 billion from the EUR 5.5 billion set out in its strategic plan approved in November 2020. Ørsted has a growing portfolio of onshore wind, solar, and renewable hydrogen projects and has an ambition of installing 50 GW renewable energy by 2030. To date, Ørsted has installed approximately 13 GW renewable energy capacity across offshore wind (7.6 GW), onshore wind (3.4 GW), and sustainable biomass (2.0 GW).
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