The Spanish energy group Repsol has signed an agreement with Grupo Ibereólica Renovables to create a 50-50 joint venture (JV) in Chile to operate and build over 2,600 MW of renewable power projects by 2030. The JV's resources will allow the development of 3 wind and 2 solar projects totalling more than 1,600 MW, of which 110 MW is already under construction and 1,500 MW is in advanced stages of development and expected to be operational in 2025. In addition, another 1,000 MW could be developed in the northern regions of Antofagasta and Atacama by 2030. This transaction will help Repsol in its commitment to reach 7.5 GW of low-carbon power capacity by 2025 and to become a net zero emissions company in 2050.
The oil and gas company has just released its half-year results, posting an 83% fall in its adjusted net income (compared to the first half of 2019) and a nearly €2.5bn loss (compared to a €1.1bn net income in January-June 2019). The company was hit by the historic fall in global oil and gas prices in the wake of the pandemic. The group has revised its oil and gas price scenario, leading to €1.5bn in impairment charges (mainly in its upstream business). Repsol plans additional reductions in operating costs (over €450m) and in investments (over €1.1bn) and optimisations in working capital (nearly €800m).
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