Iberdrola, a Spanish energy company, has begun operations at the Francisco Pizarro solar photovoltaic (PV) plant in Extremadura, Spain. The 590MW solar project is situated between the municipalities of Torrecillas de la Tiesta and Aldeacentenera (Cáceres). Built with an investment of more than €300m, the Francisco Pizarro solar facility is equipped with approximately 1.5 million solar PV modules. It has the capacity to generate enough clean energy to power more than 334,000 homes, as well as offset nearly 150,000tpa of carbon emissions.
Additionally, Iberdrola has signed long-term power purchase agreements (PPAs) with a number of businesses, including Danone, Bayer, and PepsiCo. Reportedly, these agreements provide stability for financial investments and have evolved into “an optimum tool” for managing the supply of electricity to large customers. Iberdrola, a company based in Bilbao, currently supplies power to about 31.67 million customers.
Recently, Iberdrola and Augusta Energy reached a tentative agreement for Iberdrola to purchase a 98 MW wind and solar portfolio in Poland. The portfolio consists of six solar photovoltaic facilities with a combined capacity of 48 MW and two wind farms with a combined capacity of 50 MW. Reportedly, all of the projects are currently under construction and are anticipated to begin in 2023.
REGlobal’s Views: Many large energy companies like Iberdrola are actively tapping the large corporate procurement market as these agreements provide assured revenues at attractive tariffs, especially at a time when many power utilities are struggling with financial issues.
