Spain's Repsol may bring new investors into US renewables unit

By Pietro Lombardi

MADRID, March 10 (Reuters) - Spanish energy group Repsol REP.MC is considering welcoming new investors in its renewables business in the United States as it reviews its approach to renewable power generation, CEO Josu Jon Imaz said on Tuesday.

Since 2018, Repsol has built up a portfolio of wind, solar and hydroelectric projects as part of its broader strategy of transitioning from a traditional oil and gas company to a multi-energy player. It has also been investing in the production of green hydrogen and low-carbon fuels.

The United States, alongside Spain, is a key market for its low‑carbon division. In the U.S., the company has about 2.8 gigawatts (GW) of capacity operating or under construction, plus a development pipeline of more than 15 GW.

"We are evaluating the potential incorporation of additional investors at the platform level in the U.S.," Imaz told analysts and investors at an event presenting the company's strategic update.

"The key message for this division is clear - this business will be self-financed over the next three years," Imaz said.

"This represents a critical inflection point as the business transitions from cash consumer to cash generator, moving from a build-out phase to disciplined growth," he said.

Repsol, which also cut its renewable power generation target, will focus on green energy projects offering the best returns while limiting exposure thanks to asset sales and partnerships, he said.