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Repsol (REPYY) Completes Cabo Leones 3 Wind Farm in Chile
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Repsol SA (REPYY - Free Report) and joint venture partner Grupo Ibereolica Renovables completed the construction of Cabo Leones 3, a joint wind farm in Chile.
The wind park, which is situated in the Huasco province of the northern Atacama region, consists of 44 wind turbines supplied by manufacturer Siemens Gamesa Renewable Energy SA. Notably, this is Repsol and Ibereolica’s first joint wind project in Chile.
The first phase of the Cabo Leones wind farm was initiated in late 2020, with a 78.1-megawatt (“MW”) generating capacity. This was made up of 22 SG-132 wind turbines of 3.55 MW from Siemens Gamesa. In the second phase, additional 5-MW wind turbines were installed to add 110 MW of installed capacity.
Repsol expects the second phase to start generating electricity in late 2021. Once fully operational, both phases are expected to produce 520 gigawatt hours of power per year, with the ability to fulfill the energy requirements of 170,000 Chile households.
The Cabo Leones 3 installation also significantly contributed to create new jobs, which include up to 150 workers on the ground. It provided the region with a high component of renewable and clean energy generation. Repsol cited that the wind farm will remove nearly 418,000 tons of carbon dioxide emissions per year from the region.
The companies secured funding for the wind farm through a $209-million project financing arrangement with Spanish and international financial institutions. The agreement also includes long-term debt and establishes a series of guarantees. Beside Cabo Leones 3, the companies expect to execute the Atacama wind farm project, with a total installed capacity of up to 180 MW.
Repsol is significantly investing in the energy transition and is expanding its wind generation capabilities. Outside Chile, the company holds one active wind farm in Spain and five other renewable projects across the Iberian Peninsula. It is part of a consortium behind one of the world's largest semi-submersible floating wind farms, WindFloat Atlantic. Repsol also secured a position in the U.S. renewable market through its acquisition of Hecate Energy.
Company Profile & Price Performance
Headquartered in Madrid, Spain, Repsol is an integrated energy company, which advocates energy transition.
Shares of the company have outperformed the industry in the past three months. Its stock has gained 6.6% compared with the industry’s 0.3% growth.
Image Source: Zacks Investment Research
Zacks Rank & Other Stocks to Consider
The company currently flaunts a Zack Rank #1 (Strong Buy).
Some other top-ranked players in the energy space are Canadian Natural Resources Limited (CNQ - Free Report) and Magnolia Oil & Gas Corporation (MGY - Free Report) , each currently sporting a Zacks Rank #1, and Royal Dutch Shell plc , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Canadian Natural’s 2021 earnings has been raised by 12.5%, while that for Magnolia has been raised by 19.2%.
Shell’s earnings for 2021 are expected to increase 17.2% year over year.
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Repsol (REPYY) Completes Cabo Leones 3 Wind Farm in Chile
Repsol SA (REPYY - Free Report) and joint venture partner Grupo Ibereolica Renovables completed the construction of Cabo Leones 3, a joint wind farm in Chile.
The wind park, which is situated in the Huasco province of the northern Atacama region, consists of 44 wind turbines supplied by manufacturer Siemens Gamesa Renewable Energy SA. Notably, this is Repsol and Ibereolica’s first joint wind project in Chile.
The first phase of the Cabo Leones wind farm was initiated in late 2020, with a 78.1-megawatt (“MW”) generating capacity. This was made up of 22 SG-132 wind turbines of 3.55 MW from Siemens Gamesa. In the second phase, additional 5-MW wind turbines were installed to add 110 MW of installed capacity.
Repsol expects the second phase to start generating electricity in late 2021. Once fully operational, both phases are expected to produce 520 gigawatt hours of power per year, with the ability to fulfill the energy requirements of 170,000 Chile households.
The Cabo Leones 3 installation also significantly contributed to create new jobs, which include up to 150 workers on the ground. It provided the region with a high component of renewable and clean energy generation. Repsol cited that the wind farm will remove nearly 418,000 tons of carbon dioxide emissions per year from the region.
The companies secured funding for the wind farm through a $209-million project financing arrangement with Spanish and international financial institutions. The agreement also includes long-term debt and establishes a series of guarantees. Beside Cabo Leones 3, the companies expect to execute the Atacama wind farm project, with a total installed capacity of up to 180 MW.
Repsol is significantly investing in the energy transition and is expanding its wind generation capabilities. Outside Chile, the company holds one active wind farm in Spain and five other renewable projects across the Iberian Peninsula. It is part of a consortium behind one of the world's largest semi-submersible floating wind farms, WindFloat Atlantic. Repsol also secured a position in the U.S. renewable market through its acquisition of Hecate Energy.
Company Profile & Price Performance
Headquartered in Madrid, Spain, Repsol is an integrated energy company, which advocates energy transition.
Shares of the company have outperformed the industry in the past three months. Its stock has gained 6.6% compared with the industry’s 0.3% growth.
Zacks Rank & Other Stocks to Consider
The company currently flaunts a Zack Rank #1 (Strong Buy).
Some other top-ranked players in the energy space are Canadian Natural Resources Limited (CNQ - Free Report) and Magnolia Oil & Gas Corporation (MGY - Free Report) , each currently sporting a Zacks Rank #1, and Royal Dutch Shell plc , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, the Zacks Consensus Estimate for Canadian Natural’s 2021 earnings has been raised by 12.5%, while that for Magnolia has been raised by 19.2%.
Shell’s earnings for 2021 are expected to increase 17.2% year over year.