Repsol takes renewables drive beyond Iberia with Chile joint venture

MADRID (Reuters) - Spain's Repsol REP.MC has signed up to create a joint venture with a Spanish renewable energy group to run a portfolio of wind and solar generation sites in Chile, the oil and gas company said in a statement on Thursday.

The tie-up with Grupo Ibereolica Renovables will be Repsol’s first renewable energy project outside Spain and Portugal, and will run more than 1.6 GW of capacity by 2025, with another 1 GW planned for 2030.

Repsol will invest 168 million euros (152.70 million pounds) for a 50% stake in the venture, which takes it a step further to meeting a targeted 7.5 GW renewable generation capacity by 2025.

Reporting by Isla Binnie; Editing by Jose Elías Rodríguez