Repsol SA said Thursday that it would invest 18.3 billion euros ($21.8 billion) between 2021 and 2025 in a push to accelerate the energy transition, become more sustainable and bolster shareholder return.
The Spanish energy company said EUR5.5 billion, or 30% of the total, would be low-carbon spending as the company pledged to accelerate growth of low-carbon projects in its portfolio in an environment of continued higher prices.
Repsol said it would substantially increase earnings before interest, taxes, depreciation, and amortization to more than EUR8.2 billion in 2025.
The company said its organization would evolve into four business areas, namely upstream, industrial, customer, and low-carbon generation.
Repsol said the dividend will be set at EUR0.60 per share in 2021, with the amount gradually increasing until 2025 to EUR0.75 per share, pointing out that shareholder distribution will exceed EUR1 per share including the cash payment and a share buyback beginning in 2022.
On the sustainability front, the company is targeting generation capacity of 7.5 gigawatts by 2025 and 15 gigawatts by 2030, and a reduction of carbon intensity by 12% in 2025, 25% in 2030 and 50% in 2040.
"With this new Strategic Plan, which leverages our strengths, we are taking a significant step towards becoming a net zero emissions company, outlining a profitable and realistic roadmap that will allow us to grow, maximize value for our shareholders, and assure the future," Chief Executive Josu Jon Imaz San Miguel said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
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