March 19 (Renewables Now) - Spanish energy giant Iberdrola SA (BME:IBE) broke ground Monday on a 500-MW photovoltaic (PV) complex in the autonomous region of Extremadura.
Named Nunez de Balboa, the PV facility is the largest of its kind under construction in Spain and Europe. It will require EUR 300 million (USD 339.8m) of investment. Local companies, such as Ecoenergias del Guadiana, Imedexsa, Cubillana, Elaborex and Instituto Aeronautico, are taking part in this project.
Scheduled to commence operations in 2020, the solar park will spread over nearly 1,000 hectares and generate enough power to meet the demand of 250,000 people as well as offset 215,000 tonnes of carbon dioxide (CO2) each year.
At the groundbreaking ceremony, Iberdrola's Chairman, Ignacio Galan, also said the company plans to install 2,000 MW of solar and wind power generation capacity in Extremadura by 2022. This is in line with a plan to reactivate clean energy in Spain, where Iberdrola will invest EUR 8 billion between 2018 and 2022, and commission up to 10,000 MW by 2030.
(EUR 1 = USD 1.13)