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Cepsa and Grupo Ibereólica Renovables sign green power supply deal

Cepsa and Grupo Ibereólica Renovables sign green power supply deal
Compañía Española de Petróleos, S.A.U. (Cepsa), a Mubadala Group company and Grupo Ibereólica Renovables sign a renewable power supply agreement (photo courtesy Cepsa).

In Spain, multinational oil and gas firm Compañía Española de Petróleos, S.A.U. (Cepsa), a Mubadala Group company, and compatriot renewable power major Grupo Ibereólica Renovables have signed an agreement that will enable Cepsa to support renewable electricity supply in the long term for its green hydrogen generation plants, located in the company's Energy Parks in Andalusia, as well as for its network of service stations.

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This renewable power will come from a portfolio of up to 5 GW projects, mainly wind, which are being developed by Grupo Ibereólica Renovables and are at an advanced stage of planning.

The agreement reinforces the viability of Grupo Ibereólica Renovables’ projects by considering the long-term sale of electricity from these projects, which are in development in the provinces of Burgos, Palencia, Valladolid, Zamora, Ávila, and Cáceres and are expected to be ready in 2026.

According to Grupo Ibereólica Renovables, these nine wind, four solar photovoltaic, and two hybrid projects combined would generate an annual energy equivalent to the consumption of more than 4 million average Spanish homes and would prevent the emission of 5.5 million tonnes of carbon dioxide (CO2) annually.

With this partnership, Grupo Ibereólica Renovables seeks to consolidate its platform of renewable generation projects in Spain, strengthening its position as one of the main leaders in the renewable energy sector.

Our Group’s partnership with one of the main players in the energy sector, Cepsa, is a fundamental tool to develop our portfolio of renewable generation projects in Spain in the medium and long term, and reinforces our resolute commitment to decarbonizing the energy mix as a means of promoting a more sustainable world, said Gregorio Álvarez, President and Founder of Grupo Ibereólica Renovables.

Green power for green hydrogen

The significant importance of wind energy in Grupo Ibereólica Renovables’ portfolio optimizes the access to renewable energy for Cepsa’s green hydrogen projects, as the wind production curve is complemented by the solar farms developed by Cepsa.

The company now has 17 solar PV projects under development in Castilla-La Mancha, Andalusia, Extremadura, and the Community of Madrid, with a capacity of 2.1 GW, of which 1.1 GW is already connected to the grid and has an environmental impact statement (EIS) and prior administrative authorization.

With these projects, Cepsa seeks to sustainably cover the energy consumption of its industrial centers, especially to produce green hydrogen and supply the ultra-fast recharging points it is installing in its network of service stations for electric vehicles.

Through its Positive Motion strategy, the company aims to lead sustainable mobility and green hydrogen and biofuel production in Spain and Portugal by 2030.

Through this partnership with Grupo Ibereólica Renovables, one of the main players in the renewable energy sector in Spain, we strengthen long-term access to sustainable energies at a stable and competitive price, to promote the development of our green hydrogen and biofuel projects, and as a complement to our renewable energy projects, said Carlos Barrasa, Director of Commercial & Clean Energies at Cepsa.

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