RD-Law 6/2022 orders an extraordinary review of the parameters for 2020-2022, applicable as of 1 January 2022. The parameters will be approved in 2 months. The mechanism to adjust for market price deviations for energy produced in 2023 and subsequent years is eliminated. The declared aim of these measures is to reduce the charges of the electric system and to supposedly thereby lower the final price of the energy.
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Opdenergy has closed an underwriting mandate with BBVA for the financing of the development, construction, and commissioning of its portfolio solar projects in Spain, with a total expected installed power of approximately 725 MW for Euro 500 million. Of the total, the energy company indicated that up to Euro 76 million would be allocated to guarantees linked to long-term contracts (PPAs) and up to Euro 20 million to guarantees related to the usual reserve accounts in this type of operation.
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Canada-based Northland Power Inc. has entered into a definitive agreement for the acquisition of an operating portfolio of renewable power projects in Spain. It has also announced a concurrent $900 million bought deal equity financing to fund both, the acquisition as well as the development of its 4 to 5 GW identified project pipeline.
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Endesa has announced the acquisition of a 519MW of solar projects from Arena Power in Spain. The deal was executed through its renewable energy wing, Enel Green Power España. The portfolio consists of 11 projects which represent an investment of about $415 million including the price of the acquisition, construction, and start-up. Construction for these projects is set to commence next year with commissioning scheduled for 2024.
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Spanish companies Matrix Renewables and Rolwind have signed a partnership agreement to develop 1GW of renewable projects. The global renewable energy platform, Matrix Renewables, plans to initially invest in a portfolio of 150 MW which consists of three solar power projects located in Huelva, Spain.
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Spain has announced the allocation of about 3 GW of renewable energy capacity in its first renewable energy auction since 2017. The auction was conducted by the Ministry for the Ecological Transition and witness the awarding of 2 GW of solar capacity. Additionally, the Ministry also allotted about 1 GW of wind energy under the auction. The winning bidders must complete the solar projects by February 2023 and wind projects by February 2024.
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Iberdrola, a Spanish power developer has signed a long-term power purchase agreement with Danone, a French food company. As per the ten-year agreement, Iberdrola will supply of 73 GWh of power annually from the Francisco Pizarro plant. With this agreement, the entirety of the renewable electricity used in Danone’s plants and factories in Spain will come from this solar project.
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Lightsource BP has announced the acquisition of a portfolio consisting of 1.06 GW of solar projects in Spain from RIC Energy. Additionally, the sales agreement specifies a partnership with RIC Energy to develop solar projects in 14 sites across Madrid, Andalusia, and Castile and Leon. The first batch of projects is projected to reach ready-to-build status by the end of 2021 and be commissioned between 2022 and 2025.
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Spanish renewable energy company, Endesa has announced the commissioning of its first solar power plants to be connected to the grid in Seville, Spain. The solar parks, Las Corchas and Los Naranjos were developed by Enel Green Power and are located between the towns of Carmona and La Rinconada. The two projects have a combined capacity of 100 MW and could potentially generate 202 GWh of electricity annually.
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While there is tremendous growth in, and potential for, renewables, grid stability remains a barrier to progress. Hydrogen and artificial intelligence look set to play critical roles as countries turn to technology to help solve the problems of scaling up renewables.
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