Iberdrola finishes building 500 MW solar park in Spain
Iberdrola has wrapped up construction of its massive 500 MW Nunez de Balboa solar project in Spain.
The utility said that it has secured a commissioning permit from Spain’s Ministry for Ecological Transition, while local grid operator Red Electrica de Espana (REE) has already started energization tests.
The mega-project is expected to start feeding electricity into the grid at some point in the first quarter of 2020. Iberdrola has invested roughly EUR 300 million (USD 336.4 million) in the project, backed by funding from the European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO), a Spanish a state-owned bank connected to the Ministry of Economic Affairs.
The installation is not Iberdrola’s only PV mega-project now in development. In June, it revealed plans to build two installations with a total generation capacity of 800 MW of solar near Cuenca, in Spain’s central-southern region of Castilla-La Mancha.
In November, a unit of the Spanish utility commissioned a €2 million lithium-ion energy storage system in the municipality of Caravaca de la Cruz, near Murcia in southeastern Spain.
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This is a fantastic achievement especially that it comes at the time when the effects of climate change are imminent.
However, to speed up the role out of these developments especially in Africa, project finance derisking strategies must be streamlined to improve timelines for reaching financial close.
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