Iberdola Bags 7 Solar Plants in Spain
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.