Repsol, the leading multi-energy company in the mobility and industry sector in the Iberian Peninsula, and EDP, through its affiliate EDP Renewables (EDPR), the fourth largest renewable energy producer in the world, will work together to evaluate new investment opportunities in renewable hydrogen projects in the Iberian Peninsula. The Memorandum of Understanding (MoU) - signed by the CEOs of both companies, Josu Jon Imaz and Miguel Stilwell d'Andrade, at the Embassy of Spain in Lisbon this week - marks the beginning of talks between both parties to implement projects of renewable energies in the Iberian Peninsula.

 

The agreement recognizes three potential projects for further evaluation, two in Spain and one in Portugal. In the first case, two projects have been identified. One of them, led by EDP, is the Aboño project, which aims to create a "Green Hydrogen Valley" in Asturias, one of the axes of the energy transition plan designed for this region. Repsol is leading the project in the Basque Country, also with a large-scale electrolyzer, within the "Basque Hydrogen Corridor" project.

 

In Portugal, it is planned to exploit the production of renewable hydrogen in Sines, taking advantage of the complementarity between Repsol's operations in the same place through its industrial complex - as a potential user of renewable gas - and EDP's role as an energy supplier.

 

With the identification of these first projects, the two companies reinforce their interest in exploring synergies for the management and exploitation of renewable hydrogen projects in the Iberian Peninsula, in a period of energy transition in which collaboration, not only between companies, but also also between the public and private sectors, it will be decisive.

 

Repsol was the first company in its sector to commit to become a net zero emissions company by 2050 and hydrogen will be a key lever to transform its industrial complexes into multi-energy centers. Repsol aims to lead the production of renewable hydrogen in the Iberian Peninsula and play a leading role in Europe with the aim of having a capacity equivalent to 552 MW in 2025 and 1.9 GW in 2030.

 

According to Josu Jon Imaz, CEO of Repsol, "this agreement will bring together the complementary capabilities of two large companies to accelerate the decarbonization of the Spanish and Portuguese economies. The synergies and the will to create value in the production and commercialization of renewable hydrogen will help to develop an emerging market that still has technological and regulatory challenges. "

 

In order to become a 100% green and carbon neutral company by 2030, EDP has been investing in renewable energy projects (specifically renewable hydrogen) in various regions, thus contributing decisively to the decarbonisation of the industry and the acceleration of the energy transition process in sectors of the economy where it is especially difficult to reduce emissions. To achieve this goal, collaboration with other large companies and industrial partners is absolutely crucial.

 

For Miguel Stilwell d'Andrade, CEO of EDP, "this alliance represents an enormous opportunity to promote decisive projects in the field of renewable hydrogen in the Iberian Peninsula. By uniting the teams, knowledge and experience of two large companies, which also share ambitious sustainability goals, I am confident that we will contribute to a faster and more efficient energy transition. "

 

EDP and Repsol have been working together for a long time. The two companies are partners in the Windfloat Atlantic project, the first floating offshore wind farm in continental Europe, located off the coast of Viana do Castelo in Portugal. The Spanish multinational has a 13.6% stake in the project, led by Ocean Winds, a joint venture created by EDPR and Engie. Other wind energy production projects, such as the Inch Cape or MORL offshore parks, both in the UK, were also driven by a partnership between the two companies.