Iberdrola to invest EUR300m in 400MW solar plant in Spain
Iberdrola is planning significant investment in renewable energy in Castille and Leon region in Spain. The company's plans will contribute to green recovery and create opportunities for sustainable economic development in the region and the transformation of the Velilla community. It will promote more than 1,800 MW of renewable projects in the community and will allocate investments of more than EUR 1.3 billion (US$ 1.5 billion) in the coming years.
Iberdrola will build a 400 MW photovoltaic plant in Velilla, which will be the largest PV complex in the region and one of the largest in Spain. The project will be worth an investment of EUR 300 million (US$ 338 million).
Iberdrola is operating a coal power plant in Velilla and is planning to close it in the next four-and-a-half years. The company has requested permission to close the plant in 2017 in response to the decision to replace CO2 emission facilities with state-of-the-art clean energy projects.
Iberdrola´s transformation plan in the area also includes investments in smart grids and sustainable mobility, the installation of a waste recovery plant, training programs, and the creation of a Citizen Innovation Platform to encourage entrepreneurship in the region.
Its accelerated green recovery plan will include more investments in the areas of renovation, improvement, and digitization of the infrastructure of the company's distribution network, in which it invests EUR 70 million (USD 79 million) a year, as well as in promoting electric mobility, with the installation of electric vehicle charging points in the region and its area of influence.
Citizen Innovation Platform will act as an accelerator of collaborative processes among citizens, public entities, and companies. It will encourage entrepreneurs and startups who would like to settle in the community and will study financing options for technological development and innovation initiatives by local suppliers.
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