According to a press release, Repsol, a Spanish energy company, has signed six 12-year virtual power purchase agreements (VPPAS) with Microsoft.
The agreement comprised of six long-term VPPAs is linked to “three wind farms and three solar plants in Spain with a total installed capacity of 230 MW”, according to the release. The projects agreed upon will be operational in 2025.
This collaboration expands the partnership between Repsol and Microsoft, which was first announced in 2021.
With the addition of these new agreements, the partnership’s total installed capacity now stands at an impressive 320 MW.
According to the release, Repsol has set ambitious targets, including achieving zero net emissions by 2050 and expanding its renewable power business to reach between 9,000 MW and 10,000 MW of installed capacity by 2027.
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Microsoft, for its part, has committed to sourcing 100% of its energy supply from renewable sources by 2025.
João Costeira, Executive Managing Director of Low Carbon Generation at Repsol, said, “This agreement with Microsoft, a strategic partner, highlights the importance of renewable energy for the digital revolution in which we are deeply involved, and it also demonstrates Repsol’s commitment to decarbonization”.
The release also mentioned that Repsol is committed to endowing between €3 and €4 billion net in the development of its project portfolio through 2027.
The investment covers Repsol’s plans to encompass not only the Iberian Peninsula and the United States but also extend to Chile and Italy with a targeted installed capacity of 9,000-10,000 MW.