Gas Natural Fenosa, through Gas Natural Fenosa Renovables, has been awarded a total of 250 MW of photovoltaic energy in the renewable energy auction promoted by the Government of Spain, in which it estimates to invest up to 165 million euros in the period 2017 -2019.
The power awarded corresponds to those projects in the photovoltaic portfolio of the energy group with the highest administrative progress and the best expected returns, which can meet the start-up deadlines set at the auction (December 2019).
This award allows Gas Natural Fenosa Renovables to position itself in the development of photovoltaic projects in Spain, a technology in which cost reduction is extremely relevant.
The competitiveness of the projects lies in the chosen sites, a high solar resource (on average over 1,900 hours of annual production) and a highly optimized capex.
This award joins the 667 MW wind turbines awarded in the May auction, which will involve a maximum investment of 700 million euros.
The total power awarded in these two peninsular renewable auctions joins the power registered in the Canarian Cupo, currently under construction, and the whole is practically double the current renewable power in operation of GAS NATURAL FENOSA in Spain.
With the development of all these projects, the group will meet and exceed the targets set in the Strategic Plan for 2018 and 2020 in terms of renewable growth in Europe.