Cepsa, intending to become a significant energy transition player both in Spain and Portugal, will invest 60% of its total investments for the decade (ranging between US$7.8bn and US$8.9bn) in the development of 2GW of green hydrogen and 7GW of renewables capacity.
Thanks to the company’s assets on the Iberian Peninsula, Cepsa seeks exportation and importation of green hydrogen in order to promote its clients’, as well as its own, decarbonisation targets. Production of second-generation biofuels and sustainable aviation fuel (SAF) is also considered, with a planned annual production by 2030 of 2.5m and 0.8m tonnes, respectively.
The 7GW set for renewables will be divided among wind and solar projects, which will mainly support Cepsa’s own activities. Of this amount, a portion of 1.5GW has already acquired grid connections.
Maarten Wetselaar, appointed CEO of Cepsa in October 2021, has declared that such a huge investment will help Europe to achieve its energy security and independence goals, especially after the impacts of the war in Ukraine.