Contracts won for seven plants located in areas with especially high solar production
Iberdrola wins 243 MW in the renewables auction with its innovative photovoltaic plants
- The company is the leader in the renewables sector in Spain, with an installed capacity of 16,700 MW which will increase to 25,000 MW as a result of its investment plan up to 2025, it currently has a renewables portfolio of 11,700 MW in the country
As a pioneer and world leader in the renewable energy sector, Iberdrola has been awarded 243 MW of photovoltaic power in the renewable energy auction organised by the Ministry for the Ecological Transition and Demographic Challenge.
The photovoltaic plants are grouped into seven blocks located in areas with especially high solar production and have transmission synergies that are common to the grid.
As the successful bidder in the auction, Iberdrola obtains an assured price for the production from these assets for 12 years; a formula that will be added to the sale of the electricity produced by the other facilities in its development portfolio to retail customers, the wholesale market and bilateral contracts (PPAs), thereby configuring a risk management tool for future investments.
The company currently has 1,800 MW of photovoltaic and wind projects under construction in Spain, including the largest photovoltaic plant in Europe, Francisco Pizarro, with a 590-MW installed capacity, and it has a portfolio of 11,700 MW in the country. In Spain, it is the leader in the renewable sector with an installed capacity of 16,700 MW, which will increase to 25,000 MW with its investment plan up to 2025.
Iberdrola is certain that electrification and the energy transition can be a driving force in the transformation of the industrial sector and for a green recovery in the economy and the job market. Which is why the company has launched an unprecedented investment plan worth 75 billion euros, of which 14.3 billion euros will go to Spain, for the 2020-2025 period, with the intention of doubling its renewable capacity and to take advantage of the opportunities presented by the energy revolution facing the world's main economies.