Solarcentury has announced plans to develop a 300 MWp solar power plant in Spain.

The company has formed a consortium with Genia Global Energy and Canopy Energies to develop the project, and has signed a memorandum of understanding (MoU) with the Department of Energy in Spain’s sourthern Extremadura region.

Construction of the €300 million Talayuela facility in Cáceres province is due to start by the end of 2018 and could be completed within a year, Solar century said. The region benefits from the best solar yields in the country.

Talayuela Solar is part of a larger development pipeline in the Iberian Peninsula, a key market for Solarcentury. The reduction in costs of solar energy over the last few years has enabled the technology to reach grid parity in Spain.

This means that large-scale solar projects can be developed without subsidies in the region. “This is good news for consumers, but also for investors who will be able to fund this and other similar schemes through a range of private sector options, including private Power Purchase Agreements,” Solarcentury said in a statement.