Iberdrola’s 149MW project will be split and built in the Algarve and the Tajo Valley regions. Credit: Iberdrola, S.A.

Spanish public multinational electric utility company Iberdrola has entered the solar market in Portugal after securing 149MW of solar power projects in the region.

The company secured the contract under a public auction by the Portuguese Ministry of the Environment and Energy Transition through the General Directorate of Energy and Geology. The auction was organised by Operador do Mercado Ibérico de Energia (OMIP).

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Iberdrola chairman Ignacio Galán said: “These new projects are an example of Iberdrola’s commitment to renewable energy sources as a way of contributing to the transition toward a decarbonised Europe.”

The project will be split and built in the Algarve and the Tajo Valley regions.

Iberdrola has been present in Portugal since 2002 and made its first supply in 2003, it has already established its presence in the Portuguese electricity sector and holds a 33% market share.

It is currently involved in the construction of Támega complex with an investment of more than €1.5bn. The Támega complex is reported to be one of the biggest projects in Europe over the past 25 years.

The Támega project will feature three new plants, including Gouvães, Daivões and Alto Támega, with a total capacity of 1,158MW.

With the new solar PV project and the development of the Támega complex, Iberdrola is helping to support Portugal’s commitment to achieving carbon neutrality by 2050. Since 2000, the company has reduced its emissions in Europe by 75%.

In July 2019, The European Investment Bank (EIB) and Instituto de Crédito Oficial (ICO) signed a green financing deal with Iberdrola to finance Núñez de Balboa power plant in Extremadura, Spain.