Iberdrola is progressing with efforts to develop three solar farms in Spain’s Valencia region that will have a combined capacity of 450MW and require an investment of more than €235 million (US$284 million).
Iberdrola has unveiled plans to double its spend on renewables, taking its investment from €75 billion (US$91 billion) by 2025 to €150 billion (US$182 billion) by 2030.
Spain can be the global leader in producing green hydrogen thanks to its high levels of irradiation and available space for developing new PV projects, it has been suggested during the Solar Finance & Investment Europe 2021 online event.
Solar PV bidders secured two-thirds of allocated capacity in the first of Spain’s new renewable energy auctions, which was held yesterday (26 January) and was more than three times oversubscribed.
Iberdrola has signed a power purchase agreement (PPA) to sell electricity from what is claims will be Europe’s largest PV plant to French food group Danone.
ACWA Power and Iberdrola are among the seven founders of a new coalition that aims to scale up the production of green hydrogen 50-fold in the next six years while halving production costs.
Spanish utility Iberdrola aims to accelerate the production of green hydrogen after signing an agreement with Norwegian company Nel and creating a new venture dedicated to the installation and maintenance of electrolyser plants.
Iberdrola is set to double its renewables capacity by 2025 through a €75 billion (US$88.9 billion) investment package that sees the Spanish utility seek to take advantage of the “global energy revolution” and reach carbon neutrality in ten years.
