July 4 (Renewables Now) - Spanish power utility Iberdrola SA (BME:IBE) and the Basque Energy Board (EVE) have formed a joint venture (JV) to invest in renewable energy projects in Spain’s Basque Country region.
The new enterprise is a follow-up on the agreement of intentions the two parties signed this March to develop wind and solar photovoltaic (PV) projects in three territories of the Basque Country. Iberdrola said Wednesday that since then, the partners had been evaluating sites with grid access and carrying out wind resource assessments.
Iberdrola and the EVE have partnered before on wind power projects in the Basque Country, developing and building the Elgea, Urkilla, Badaia and Oiz wind farms. The utility has 268 MW of installed renewable energy capacity in the region, 143 MW of which is wind power.
According to the Basque Country energy strategy, the regional government has set a target of 21% share of renewables in final consumption by 2030. One of the objectives is to double the share of renewables and cogeneration in total power generation to 40% in 2030 from 20% in 2015.