Ørsted and Repsol have teamed up to explore the joint development of floating offshore wind projects in Spain.
The two energy players have the ambition of jointly becoming the leading offshore wind developers in Spain, which has set a target of 3 GW of floating offshore wind by 2030.
Floating offshore wind is on the brink of commercialisation, and the global floating offshore wind market is expected to reach 21 GW of installed capacity by 2035, according to estimates from Bloomberg New Energy Finance.
The Madrid-based Repsol recently raised its renewables installed capacity targets for 2030 to 20 GW, an increase of 60% compared to the previous target. Between 2021 and 2025, the multi-energy company will allocate an additional €1bn to low-carbon projects, raising the total to €6.5bn from the €5.5bn set out in its strategic plan approved in November 2020.
Ørsted, which has an ambition of installing 50 GW of renewable energy by 2030, was recently awarded its first floating offshore wind lease area off the coast of Scotland.