Deal announced in January to become Iberia’s ‘largest solar power player’ by sponsoring 2.9GW portfolio will go ahead despite slashing expenditure as COVID-19 sends oil prices crashing.
Crash of crude prices as virus tightens global grip may create challenges for firms relying on oil revenues as they finance a shift to green energy, IEA warns.
Recent buyer of 2.9GW solar portfolio in Spain means to go further with plans to allocate up to 15% of investments in renewables in Iberia and other markets.
Oil major’s deal with ACS Group to amass massive pipeline in Spain marks the latest boost for the country, said by regulators to have nearly doubled PV capacity in a single year.
Grenergy Renovables has penned a solar supply agreement with Spanish utility Galp, its first such arrangement in the country.
Lisbon-headquartered Galp signs various PPAs to purchase annual 358GWh for 12 years from projects under development, with supply set to start next year.