Gas Natural Fenosa is awarded 250 MW of photovoltaic power at the new renewable energies auction

  • The multinational energy company estimates an investment of up to 165 million euros in developing the projects to be launched by December 2019.
  • Over recent years, GNFR has been working on the conception of a photovoltaic portfolio, which will complement its wind portfolio.

Through Gas Natural Fenosa Renovables, GAS NATURAL FENOSA has been awarded a total of 250 MW of photovoltaic energy at the renewable energy auction organised by the Government, in which it plans to invest up to 165 million euros during 2017-2019.

The power awarded reflects the photovoltaic projects in the multinational energy company’s portfolio that have the most developed distribution and highest estimated returns, which in turn will allow them to meet the deadlines for the launching set at the auction (December 2019).

This allocation allows Gas Natural Fenosa Renovables to position itself among the developers of photovoltaic projects in Spain. The cost reductions derived from this technology are currently extremely relevant.

The competitiveness of the projects lies in the locations chosen, the high amount of solar resource (an average of 1900 hours of annual production) and a highly optimised CAPEX.

This allocation adds to the previously-allocated 667 MW for wind energy, awarded at the auction in May. Together, these will mean an investment of 700 million euros.

The total power awarded in these two renewable energy auctions on the Spanish peninsula adds to the Canary Islands Quota —still under construction—, the total of which will practically double Gas Natural Fenosa’s current energy power in operation in Spain.

By developing these projects, the group will reach and exceed its goals established its Strategic Plan for 2018 and 2020 in terms of renewable growth in Europe.