UK-based Eco Energy World (EEW) has opened a new office in Madrid as it has set a goal to develop a 600-MW portfolio of subsidy-free merchant solar projects in Spain.
The solar project developer is to develop and build the photovoltaic (PV) capacity over the next three years, it said.
"Our portfolio of projects is progressing well, and we have passed initial development phase. We expect that part of our portfolio will be fully developed and ready to enter the construction stage by the first quarter of 2019," EEW’s chairman Svante Kumlin told Renewables Now.
Selection of engineering, procurement and construction (EPC) contractors and equipment manufacturers is expected in the autumn of 2018, Kumlin said.
“EEW is thrilled to enter into the Spanish subsidy free market and to drive development and construction costs down to new low levels to enable the growth of solar PV in Spain. We are also looking at a pure merchant model [..],” Kumlin said.
In view of the “very competitive” nature of the merchant model, the UK firm’s plan is to work on the projects in-house. It has already built significant experience in solar project development, financing and finance structuring, as well as technology expertise. Still, EEW does not rule out co-development “if the fundamentals of these projects are interesting,” but the company's chairman points out that there is no room for excess costs in the value chain.
EEW has developed more than 1 GW of solar projects in Europe and Australia. It has offices in the UK, Monaco and Australia.
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