Iberdrola submits proposal for £267m solar plant in Spain
June 11, 2019 – Spanish energy giant Iberdrola has submitted a proposal to the Ministry for the Ecological Transition of Spain for the construction of a 590MW solar plant in Extremadura.
The ministry is processing the proposal for the €300m (£267m) plant, called the Francisco Pizarro.
The solar plant is planned to be located on a 1,300-hectare site within Caceres’ municipal areas of Torrecillas de la Tiesa and Aldeacentenera.
Expected to begin operations in 2022, the solar plant is expected to create 1,000 temporary jobs in the region during the construction phase.
Once online, the plant will generate enough clean energy to be supplied to 375,000 people annually, which is more than the total population of the cities of Cáceres and Badajoz. The plant will also help prevent the emission of nearly 245,000 tonnes of CO2 every year.
Currently, the company has a pipeline of more than 2GW of renewable energy projects in Spain, which account for 70% of its plans for 2022, with a target of 3GW in the country.
In May 2019, the company secured a €400m (£355m) green loan from Spain’s Instituto de Crédito Oficial (ICO) with 12-year maturity and two-year grace period for principal.
The company will use the amount for the 1.15GW Tâmega pumped hydro power scheme, which is being built in northern Portugal.
In March 2019, the company announced plans to install another 2GW in solar and wind power in Extremadura region by 2022, placing the region in its European renewable strategy.
The move is the result of the company’s plans to reactivate clean energy in Spain, where it will invest €8bn (£7.11bn) between 2018 and 2022 in building 10GW of renewable capacity by 2030.
The plan is part of the company’s bigger plan to invest €34bn (£30.23bn) globally in renewable energy projects between 2018 and 2022.