The European Investment Bank (EIB) has granted a green loan worth €700 million to Iberdrola. The loan is granted to expand the electricity distribution network in Spain. EIB Director General for EU Operations and Iberdrola Chief Finance, Control and Corporate Development Officer inked the loan’s first €500 million tranche in Madrid.
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Encavis AG has inked two non-recourse project refinancing agreements for a total amount of €203 million for its operating solar plants Talayuela and La Cabrera in Spain. Both refinancing transactions have been structured, arranged, and managed by ENCAVIS’ inhouse Project Finance team.
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Iberdrola plans to add six BESS stations with a combined capacity of 150 MW to boost Spain’s energy storage capacity. The projects will be spread over Castilla y León, Extremadura, Castilla La Mancha, and Andalusia and will help integrate renewable energy into the national grid. Each of the six batteries will have a 50 MWh storage capacity and a 25 MW power output.
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The prognosis for Spain’s solar sector remains optimistic. So far, the ground-mounted segment has seen an installation of 4.5 GW in 2023. The French solar fleet reached 18 GW at the end of the first semester of 2023. The Greek solar PV market has gained tremendous momentum, which is expected to continue for the next few years.
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Repsol has started producing electricity at Sigma in Andalusia. It is made up of five solar plants with a total installed capacity of 204 MW. It is located in Jerez de la Frontera (Cádiz). The Arco 1, 2, 3, 4 and 5 make up the Sigma project with an investment of close to €150 million.
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Iberdrola has obtained environmental certification to construct the 86.4 MW HIDRO Cedillo hybrid hydroelectric-solar project in Spain. The hybrid plant, which would minimise its environmental impact while optimising grid use, will be situated in the municipality of Cedillo, in Extremadura. Over 160,000 photovoltaic modules will be included.
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Masdar, the state-owned renewables developer of the United Arab Emirates (UAE), struck an agreement with Austrian electricity provider Verbund to build a green hydrogen plant in central Spain. As part of the agreement, both companies will assess whether it would be feasible to construct one of the largest green hydrogen production facilities in Europe in the Castilla-La Mancha region of Spain.
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Repsol, a Spanish oil-and-gas company, has commenced production of a 2.5 MW electrolyser at its Petronor refinery in Spain’s Basque Country and has initiated producing renewable hydrogen. According to the company, the $11.7 million initiative is a significant step forward for the Basque Hydrogen Corridor (BH2C).
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TotalEnergies, a French oil and gas giant has begun the development of solar projects with a total capacity of 263MW in the city of Guillena, in the Andalusian region of Spain. Reportedly, TotalEnergies will construct a total of five solar plants, namely the 51 MW Postigo, the 52 MW Arbotante, the 52 MW Pilastra, the 53 MW La Noria and the 55 MW La Carrascosa.
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Ignis, a Spanish independent energy company, has received financing of $378.52 million to bolster the construction of 500 MW of renewable energy projects. Deutsche Bank is the sole underwriter of the project and led the financing. Other international members are Rabobank, ABN Amro, and Tridos Bank.
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Solar power is entering a maturity phase in Spain: with around 8.4 GW of annual installed capacity in 2022, the country experienced its best year ever for solar PV deployment, becoming the largest European PV market in 2022. Since 2020, over 18 GW has been installed, leading to a 156% increase of the solar PV operating fleet in the last 3 years. However, there is no room for complacency: both policymakers and industry will have to actively protect the country’s GW-size industry.
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Under three power purchase agreements (PPAs), Spanish utility Iberdrola SA will supply renewable electricity to Vodafone in Germany, Portugal, and Spain. As per the terms of the three agreements, the UK-based telecoms operator will obtain 410 GWh of solar energy annually. The recently constructed Velilla photovoltaic (PV) plant in Palencia, Spain, will supply Vodafone Portugal, and the Cedillo PV project in Caceres, Spain, will provide Vodafone Spain with 280 GWh annually.
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Norsk Hydro has produced the world’s first aluminum where green hydrogen was used to fuel the smelting process. The Norwegian firm, which is one of the largest aluminum companies globally, smelted 225 tonnes of recycled aluminium at its facility in Navarra, Spain, with three batches fueled by a blend of hydrogen and fossil gas and six by pure hydrogen.
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Sonnedix, a renewable energy provider, has signed a ten-year power purchase agreement (PPA) with internet services giant Equinix to supply power from three 150 MW solar projects in Spain. Reportedly, the PPA is Sonnedix’s largest deal ever in Europe. The solar plants are located in Cuenca, Castilla-La Mancha. They will be operational by the end of 2024 and will have a total capacity of 150 MW.
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GE has secured a contract from Red Eléctrica to supply six pumped storage turbines for the 200 MW Chira Soria pumped storage power plant in Gran Canaria, Spain. The contract was secured in a consortium with Cobra Infrastructuras Hidráulicas. Red Eléctrica is the sole transmission agent as well as the operator of Spain’s national electricity system. GE will commission, design, supply and transport the turbines and deliver generators, main transformers and electrical balance-of-plant equipment.
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Cepsa, a Spanish oil business, has partnered with Apical Group’s Bio-Oils unit to construct a $1.11 billion second-generation biofuels factory in southern Spain. Reportedly, the facility, which will be operational in 2026, will be the largest in Southern Europe. It will be able to produce 500,000 tonnes of sustainable aviation fuel (SAF) and renewable diesel annually from organic waste, such as discarded cooking oils. Biofuels are seen as key to decarbonise transportation in sectors hard to electrify, like aviation.
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IberBlue Wind, an offshore floating wind farm developer, has announced the development of two projects with 1.96 GW installed capacity off the shores of Spain and Portugal. The two plants, Juan Sebastián Elcano and Creoula, will be built offshore from Pontevedra and Viana do Castelo. With a combined installed capacity of more than 1.4 GW, Creoula will have 80 turbines with a capacity of 18 MW, compared to 29 turbines at Juan Sebastián Elcano, an offshore facility with a 522 MW capacity.
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Repsol, a Spanish energy company, has agreed to buy ABO Wind’s 250 MW portfolio of renewable energy sources in Spain. The Palencia-based portfolio consists of two solar projects with a combined capacity of 100 MW and three wind farms with a combined capacity of 150 MW. ABO Wind will be responsible for developing these projects for Repsol under the terms of the deal. No financial details of the deal have been disclosed.
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PV Hardware (PVH), a subsidiary of Gransolar of Spain has notified plans to construct the world’s largest solar tracker factory in Valencia, Spain. The Spanish solar tracker manufacturer recently acquired a plot of land that spans in an area more than 6 hectares as a location for the project. The new factory is expected to increase PVH’s global annual tracker production capacity to 25 GW.
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Repsol, a Spanish energy company, has started producing clean energy at PI, its first renewable project in Castilla y León. The PI project, which is situated in the provinces of Palencia and Valladolid, consists of seven wind farms with a total installed capacity of 175 MW. It will be able to produce 596 GWh of renewable energy annually, which is enough to supply the needs of 170,900 households on average.
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