Iberdrola reaffirms its commitment to clean energy in the Iberian Peninsula with a €2 billion investment in Portugal.
Major investments
Iberdrola announces to accelerate its investments to develop Portugal’s renewable capacity. The announcement comes during a meeting between the Prime Minister of Portugal and the group’s executive chairman. Indeed, Ignacio Galán ratifies the company’s plans to accompany the country’s energy transition.
In Portugal, Iberdrola has projects under construction that will triple its photovoltaic capacity by 2023. By the end of next year, the group’s investments in the country will exceed €2 billion. In addition, the company plans to allocate €3 billion in the coming years to solar, wind and storage projects or for renewable hydrogen.
The meeting between António Costa and Ignacio Galán intervened in the solar plants of Alcochete I and II. Located in the district of Setúbal, in the region of Lisbon, the works were completed in 8 months. In addition, the investment in the complex amounts to approximately €40 million.
These Iberdrola parks are made up of bifacial solar modules that increase energy production by up to 30% compared to traditional panels. Indeed, both sides of the panel are able to absorb the sun’s energy. In addition, the cells reduce the average cost of electricity by 16%.
The objective of this system is to maximize energy capture according to the path of the sun. When they come on line, Alcochete I and II will provide enough energy to meet the needs of 26,400 households for one year. This number represents more than the total population of the municipality of Alcochete.
Political support
During the event, the Prime Minister of Portugal announced the new SIMPLEX authorization procedures. Thus, the objective is to encourage the rapid deployment of clean energy. Indeed, the program of rationalization and modernization of the administration aims to accelerate the response to the climate crisis.
Iberdrola’s executive chairman insists on accelerating the implementation of the European Green Pact and the EU REPower package. Thus, Ignacio Galán, executive president of Iberdrola, states:
“Thanks to the leadership of the European Commission, valuable decisions have been taken in recent months. But it has also become clear that all member states must work in a coordinated way to complete the single energy market in Europe.”
In addition, it highlights the stability of the regulatory outlook in Portugal and the dynamic approach to the authorization processes.
It was the second meeting between António Costa and Ignacio Galán in the last six months. Indeed, they met at the inauguration of a hydroelectric pumping station in Alto Tâmega, in the north of Portugal. In addition, Iberdrola is planning to build a wind power complex linked to this facility.
If the project goes ahead, it will transform the complex into a hybrid production plant. Thus with its 400MW of installed capacity, the site will be a major wind project in Portugal. Indeed, Tâmega is the largest clean energy initiative in the history of Portugal with an investment of more than €1.5 billion.
It has three dams and three power plants (Gouvães, Daivões and Alto Tâmega). Thus, the storage capacity amounts to 40 million kWh. This power is equivalent to the average daily energy consumption of 11 million people.
Multiple projects
In addition to the solar complex of Alcochete, Iberdrola realized two other photovoltaic installations in the district of Setúbal. It is the power station of Conde and Algeruz II. In addition, the construction of the remaining plants, Montechoro I and II as well as Carregado, will start in early 2023.
In Portugal, Iberdrola already operates 92MW of wind power. This power is distributed among three wind farms: Catefica, Alto do Monção and Serra do Alvão. Together, these plants produce 200 GWh per year, which is equivalent to the electricity for 35,000 homes.
The Iberian Peninsula has great potential for the future supply of clean energy to the European Union. The plans to reduce dependence on fossil fuels represent a great opportunity. Indeed, Portugal and Spain have significant solar and wind resources according to Iberdrola.
Iberdrola is currently developing projects totaling more than 3000MW of new photovoltaic capacity. This power is almost equally divided between Spain and Portugal. In this way, the company will double its installed capacity, which currently exceeds 2330MW on the Iberian Peninsula.
Iberdrola began its commitment to renewable energy more than two decades ago. As a result, the company is now a leader in renewable energy, with more than 39,000MW of renewable capacity installed worldwide. In addition, the company plans to invest between 2023 and 2025, approximately €17 billion in renewable energy.
