Iberdrola, Spain’s largest energy company, and Prosolia, a Spanish PV project developer, plan to invest $996 million in the development of four solar parks in Spain with a total capacity of 360 MW and a 1,140 MW solar plant in Portugal by 2025.
At Portugal, the solar project will be in Santiago do Cacém, approximately 200 km south of Lisbon. Iberdrola will have a 50 per cent share in this plant. Through its subsidiary Sunshining, Prosolia planned the project, which is currently being reviewed by local environmental authorities. Tesla batteries will be used in the plant. Iberdrola intends to spend 150 billion euros globally by 2030 to triple its renewable capacity, reaching 60 GW in 2025, with up to 25 GW in Spain.
In July 2021, Eni, an Italian energy firm, purchased a 1.2 GW renewable energy portfolio in Spain from Azora, an independent real asset management company. Andalusia, Castilla-La Mancha, Castilla y León, Catalonia, Galicia, and La Rioja are among the assets. Azora and Eni had also announced that they would work together to get the five solar power projects up and running by 2024, and they’re working on a larger strategic partnership to help Eni grow its renewable energy platform in Spain.
REGlobal’s Views: Iberdrola has a significant renewable energy portfolio in Spain, and the company now aims to capture the the neighboring Portuguese solar power market as well. It has also previously emerged as a winner in solar auctions in Portugal and is suitably placed to take up massive investments in the country.
