The Spanish oil major company Repsol has finished the construction works on the Frye Solar Project, which according to the company is its largest PV plant to date. The Frye Solar Project has recently gone online with a capacity of 570MW of its overall 637MW that is operational-after the construction works were finished. Repsol however did not reveal when the remaining capacity of 67MW would be brought online.
Repsol has deployed approximately 1,000,000 solar modules for the project, though it also did not reveal the technology, configuration or the supplier behind these modules.
Capacity of the Frye Solar Project
This site has a long-term power purchase agreement (PPA) that is currently in place for 89%-or approximately 566 megawatts- of the overall output of the solar project. However, Repsol did not reveal who the beneficiary of the PPA was.
Back in the year 2021, Repsol increased its long-term targets that they hoped to achieve for renewables project development. Currently, Repsol is aiming a target of 20GW of deployed projects by the year 2030.
Much of the solar capacity of the company has been back in its motherland Spain. In the month of July the year 2023, the company managed to secure $614 million from European Investment Bank (EIB) that was to be utilized for the support of 1.1GW renewables in the country of Spain. Additionally, the company got to sign a supply agreement with the Spanish solar tracker producer Soltec for up to 300MW of Spanish projects.
Other Similar Projects
In another scenario, In May 2023, Respol managed to power up phase I of 596 megawatts Chilean PV plant via a partnership with the renewables company Ibereólica Renovables Group, and also got to announce in the same month its plan for a 825MW solar PV in Italy. In its financial results of q4 2023, the Spanish company Repsol posted $1,276 million in the adjusted income- $17.08 million of this amount was generated from the renewable energy generation, or approximately 1.3% of this total income.
Other renewable energy facilities that have been installed by Respol are 637 Frye faciilty, 629MW Outpost facility, and lastly 825MW Pinnington facility. Moreover, the company is already generating renewable electricity at its solar power plants that are located in Mexico, the Jicarilla & 2, which have an installed energy capacity of 125 MW and 20MW of battery storage capacity. Repsol managed to enter the US market with the acquisition of ConnectGen that is from Quantum Capital Group in the year 2023.
In September 2023, Repsol acquired the 20,000-megawatt project portfolio of ConnectGen, a multi-technology renewable energy developer. The portfolio includes onshore wind, solar, and energy storage projects in the U.S. The acquisition marked Repsol’s entry into the U.S. onshore wind business. Thanks to these transactions, Repsol advances its objectives to geographically diversify its renewables business, complementing its capabilities, improving its portfolio and creating a solid platform with great growth potential.
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