Commodities

Repsol Gets Loan for Green Projects in Spain From Credit Agricole, Others

(Repsol)

(Bloomberg) -- Repsol SA has secured €348 million ($362 million) of financing for clean energy projects in Spain from banks including Credit Agricole SA, as part of its drive to diversify away from fossil fuels. 

BBVA SA and Banco de Sabadell SA are also part of the group of lenders, as well as Spain’s development bank ICO, according to a spokesperson for the Madrid-based oil major.

The move is part of Repsol’s ambitious target to boost its clean energy footprint, aiming to reach as much as 10 gigawatts of global renewable energy installed capacity by 2027. 

The new injection will fund a 400-megawatt portfolio of wind and solar assets already in operation or soon to start. 

The company expects about 50% of its total capacity to be installed in Spain and Portugal. As part of this push, it bought local renewables developer Asterion Energies for €560 million in 2022. 

Last year, the firm also started its renewable hydrogen production and now operates a 2.5-megawatt electrolyzer that mainly supplies its refineries. 

The Spanish company was the first oil major to pledge net zero emission by 2050 and wrote down the value of its oil and gas assets by €4.8 billion in 2019. 

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