Repsol Spreads Footprint In Italy With First Renewable Project

Repsol SA REPYY announced renewable energy projects of around 1.77 gigawatts (GW) in Italy.
The company plans to invest around €500 million ($550 million) in this first project in Italy, as per Reuters.
The renewable project comprises 943 MW of wind and 825 MW of photovoltaic solar projects, with over 60% currently at an advanced stage of development.
Repsol plans to commence construction of the first two photovoltaic solar plants in Southern Italy, having a capacity of 11 MW, in due course.
The move is a part of strengthening its foothold in Italy and enhancing its presence in the key markets of Europe.
Over 2021-2025, Repsol expects renewable projects' installed capacity to reach 6.0 GW by 2025 and 20.0 GW by 2030.
Earlier this month, the company signed an agreement with Ryanair Holdings PLC (NASDAQ: RYAAY) to promote the use of renewable fuels in Spain and Portugal.
Price Action: REPYY shares traded higher by 0.28% at $14.37 on the last check Wednesday.