REG-Ørsted A/S Repsol and Ørsted to explore joint development of floating offshore wind projects in Spain

Oersted A/SAnnouncement

05/04/2022 07:45

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   Ørsted A/S (Orsted)
   Repsol and Ørsted to explore joint development of floating offshore wind
   projects in Spain

   05-Apr-2022 / 08:30 CET/CEST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   5.4.2022 08:30:00 CEST | Ørsted A/S | Investor News

   Repsol and Ørsted have an ambition of jointly becoming a leading developer
   in Spanish offshore wind by combining their complementary strengths. The
   alliance combines Repsol's expertise as a global multi-energy provider
   with Ørsted's experience as the global leader in offshore wind.

   After several years of concept development and small-scale testing,
   floating offshore wind is now 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. Spain targets 3 GW floating offshore wind by 2030, and the
   Spanish supply chain is well-prepared to enter floating offshore wind on
   the back of decades of experience from supplying to Spain's massive fleet
   of onshore wind farms.

   Martin Neubert, Deputy Group CEO and Chief Commercial Officer at Ørsted,
   says: "We're excited to join forces with Repsol to explore floating
   offshore wind development in Spain and to reaffirm our commitment to
   driving the commercialisation of this technology, which will extend the
   reach of offshore wind by enabling installations further offshore and in
   deeper waters.' 

   According to João Costeira, Executive Director of Low Carbon Generation at
   Repsol: "Having Ørsted, the world leader in offshore wind, as a partner
   positions us to be relevant in the future development of the floating
   technology, with which we already have experience thanks to our
   involvement in the Windfloat Atlantic project off the coast of Portugal.'

   Rasmus Errboe, Head of Region Continental Europe at Ørsted, says: 'Spain
   has one of the world's largest fleets of onshore wind and solar PV farms,
   and by the end of this decade Spain will also be producing green energy at
   scale from floating offshore wind farms. We look very much forward to
   working with Repsol, the country's leading energy provider, to help
   accelerate Spain's transition to renewable energy while creating local
   jobs and investing in the Spanish supply chain.'

   Renewable power generation is one of the pillars of Repsol's
   decarbonisation strategy. The company recently raised its installed
   capacity targets for 2030 to 20 GW, an increase of 60% compared to the
   previous target. By 2025, installed capacity will increase to 6 GW. In
   October 2021, Repsol increased its investment ambitions for low-carbon
   projects. Between 2021 and 2025, the Madrid-based multi-energy company
   will allocate an additional EUR 1 billion to low-carbon projects, raising
   the total to EUR 6.5 billion from the EUR 5.5 billion set out in its
   strategic plan approved in November 2020. Moreover, in December 2019,
   Repsol became the first company in its sector to commit to carbon
   neutrality by 2050.

   As the global leader in offshore wind, Ørsted brings three decades of
   experience in developing, constructing, operating, and owning bottom-fixed
   offshore wind farms and was recently awarded its first floating offshore
   wind lease area off the coast of Scotland. Ørsted has a growing portfolio
   of onshore wind, solar, and renewable hydrogen projects and has an
   ambition of installing 50 GW renewable energy by 2030. To date, Ørsted has
   installed approximately 13 GW renewable energy capacity across offshore
   wind (7.6 GW), onshore wind (3.4 GW), and sustainable biomass (2.0 GW).
   Ørsted was recently ranked the world's most sustainable energy company by
   Corporate Knights for the fourth consecutive time. The company recently
   set up office in Madrid.

   For further information, please contact:

   Ørsted Media Relations
   Tom Christiansen
   + 45 99 55 60 17
    1 tomlc@orsted.com 

   Ørsted Investor Relations
   Allan Bødskov Andersen
   + 45 99 55 79 96
    2 IR@orsted.com 

   Repsol Media Relations
   Tel.: +34 91 753 87 87
    3 prensa@repsol.com

       About Ørsted A/S

   About Ørsted
   The Ørsted vision is a world that runs entirely on green energy. Ørsted
   develops, constructs, and operates offshore and onshore wind farms, solar
   farms, energy storage facilities, renewable hydrogen and green fuels
   facilities, and bioenergy plants. Moreover, Ørsted provides energy
   products to its customers. Ørsted is the only energy company in the world
   with a science-based net-zero emissions target as validated by the Science
   Based Targets initiative (SBTi). Ørsted ranks as the world's most
   sustainable energy company in Corporate Knights' 2022 index of the Global
   100 most sustainable corporations in the world and is recognised on the
   CDP Climate Change A List as a global leader on climate action.
   Headquartered in Denmark, Ørsted employs 6,836 people. Ørsted's shares are
   listed on Nasdaq Copenhagen (Orsted). In 2021, the group's revenue was DKK
   77.7 billion (EUR 10.4 billion). Visit  4 orsted.com or follow us on
   Facebook, LinkedIn, Instagram, and Twitter.

   About Repsol
   Repsol has more than 3,700 MW of total installed low-emission generation
   capacity. The company has 1.35 million electricity and gas customers,
   making it a major player in this market in Spain. Last year, Repsol was
   the only major retailer in the country, in terms of customer volume, to
   obtain the CNMC's A Label for the environmentally friendly origin of the
   electricity it supplies. With regard to renewable electricity generation,
   one of the pillars of Repsol's decarbonization, the targets for installed
   capacity in 2030 have been updated to 20 GW, an increase of 60% compared
   to the previous target. By 2025, installed capacity will increase to 6 GW.

       Attachments

     •  5 Press release Ørsted-Repsol.pdf

   News Source: Ritzau

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   ISIN:          DK0060094928
   Category Code: MSCM
   TIDM:          Orsted
   Sequence No.:  153605
   EQS News ID:   1320211


    
   End of Announcement EQS News Service

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References

   Visible links
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   2. mailto:IR@orsted.com
   3. mailto:prensa@repsol.com
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