Iberdrola wins contract for 149MW solar project in Portugal
August 12, 2019 – Spanish energy giant Iberdrola has won a tender in Portugal to build a 149MW solar plant in the country.
The company won the contract in the recently conducted auction by the Portuguese Ministry of the Environment and Energy Transition.
The solar project is expected to be commissioned between 2021 and 2023 and will increase Iberdrola’s installed power by 6%. It will generate enough clean energy to power 440,000 Portuguese homes.
Iberdrola chairman Ignacio Galán said: “These new projects are an example of Iberdrola’s commitment to renewable energy sources as a way of contributing to the transition toward a decarbonised Europe.”
The company has also confirmed its commitment to the country’s transition to low carbon economy while consolidating its role in the market, where it is a leading power generating company. It claims to have almost 33% market share and a portfolio of 300,000 electricity and natural gas consumers.
With the development of the Támega plant and the new solar capacity awarded, the company claims to have succeeded in reducing its emissions in Europe by 75% since 2000 and will contribute to the country’s commitmentof achieving carbon neutrality by 2050.
In July 2019, Iberdrola secured €285m (£264m) from the European Investment Bank (EIB) and Instituto de Crédito Oficial (ICO) for the construction of 500MW Núñez de Balboa photovoltaic project in Spain.
Out of the €285m, EIB provided up to €145m (£134m) and ICO provided €140m (£130m). The solar plant will be located on 1,000 hectares of land in Extremadura region of Spain.
The solar plant is expected to be commissioned in 2020 and during the construction phase, more than 1,000 jobs could be created.
Once complete, the solar plant will generate enough clean electricity for 250,000 people, which is more than the combined population of cities of Cáceres and Badajoz, while avoiding 215,000 tonnes of CO2 emissions into the atmosphere annually.
The ICO is a public business institution within the Ministry of Economy and Business in Spain. It offers financing for SMEs and large investment projects in the country.