Iberdrola to pour EUR 3bn in Portugal's renewables as work on pending solar wraps up

Spanish electric utility Iberdrola SA (BME:IBE) said on Thursday that it had wrapped up construction works on two solar farms totalling 46 MW in Portugal, and upheld its commitment to invest EUR 3 billion (USD 3.16bn) in renewables in the country in the coming years.

In a statement that followed Thursday’s meeting between Portuguese prime minister Antonio Costa and Iberdrola chairman Ignacio Galan, the company said that it will direct the investment to solar, wind, energy storage and green hydrogen projects in the neighbouring country.

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Iberdrola just now finalised the construction of the Alcochete I and II solar farms, two of the seven solar projects it secured in Portugal’s 2019 auction. Works were completed in about eight months, the company said.

Of those seven projects, four are now standing solar farms. Construction of the remaining three, the 37-MW Montechoro I and II, and the 64-MW Carregado, will begin in early 2023.

Iberdrola is also working to finish its 1,158-MW Tamega river pumped-storage hydroelectric complex in Portugal, which is one power station short of being completed. The company said that it plans to build 400 MW of wind farms in the area to turn the complex into a hybrid generation plant.

(EUR 1.0 = USD 1.053)