Help Desk -
9958816305, 9810335381

Innogy build Spanish solar project without state subsidies

Power News - Published on Thu, 24 Jan 2019

Image Source: innogy
innogy SE is making good progress in building up its value accretive solar business. Having recently started construction on a major large-scale solar farm in Australia, the company has now taken the final investment decision for a solar farm in Spain. The ‘Alarcos’ project is set to have a capacity of about 50 megawatts and will be operated without state subsidies. Both the beginning of construction and full commissioning of the photovoltaic plant are planned this year.

Mr Hans Bünting, Chief Operating Officer Renewables of innogy SE said that “We are showing by means of the Alarcos project that new renewable energy sources are possible without the aid of subsidies. We are relying on long-term power purchase agreement contracts for this project. This is not only possible in sunny Spain, but also in many other markets solar energy is competitive. Decreasing prices for the equipment will continue to spur on this development.”

Mr Thorsten Blanke, Head of Solar at innogy SE said that “Thanks to very good solar radiation levels and high demand for renewable energy, the Iberian Peninsula is one of Europe’s most emerging markets for solar energy. That’s why I am delighted that we are now able to implement a large-scale PV project in this region. And this is only the beginning. We want to build up a substantial solar portfolio and have already secured several other growth opportunities on the Iberian Peninsula.”

The planned investment volume, including the acquisition of project rights for Alarcos, amounts toabout EUR 40 million in total. The Alarcos project was developed by the Spanish company Synergia Energy Solutions, S.L. and 100 per cent of shares were sold to innogy in summer of last year. The contracting parties have agreed to keep the conditions of the transaction confidential, including the purchase price.

Source :

Posted By : Rabi Wangkhem on Thu, 24 Jan 2019
Related News from Power segment