Seleccions

Seleccions

Seleccions

Spain business
Home›Spain business›ReneSola (SOL) obtains approval for a 12 MW solar project in Spain – October 8, 2021

ReneSola (SOL) obtains approval for a 12 MW solar project in Spain – October 8, 2021

By James K. Martin
October 8, 2021
0
0
Share:


[ad_1]

ReneSola Ltd (GROUND – Free Report) recently announced the receipt of environmental approval for its 12 megawatt (MW) solar power plant located in the municipality of Caravaca, in the region of Murcia, in southern Spain. This is the most advanced project in ReneSola Power’s 350 MW portfolio of projects at various stages of development in Spain.

The company has opened a sales and business development office in Madrid with the aim of expanding its presence in Spain. This is in line with its strategy to expand its sales network and customer service capabilities in the region.

This project, whose construction is expected to start in early 2022, is likely to strengthen ReneSola’s project development capacities in the European solar market.

ReneSola’s growth prospects in Spain

The solar market in Spain is improving as shown by data published by SolarPower Europe. Obviously, 2.6 gigawatts (GW) of solar power were installed in this country last year.

Following the introduction of the National Energy and Climate Plan 2021-2030, the Spanish government aims to increase the share of renewable energies to 42% by 2030 and possibly to 100% by 2050.

This should boost the solar market in Spain. According to a report by Mordor Intelligence, the Spanish solar market is expected to experience a CAGR of 10% over the period 2020-2025.

Without a doubt, such growth projections indicate plenty of opportunities for leading solar players like ReneSola on which to capitalize. ReneSola’s latest solar power plant project is proof of this.

Growth prospects in Europe

In view of the aforementioned discussion, it is imperative to mention that not only Spain but the solar market is booming across the European Union (EU). According to a Solar Power Europe report, the EU could experience solar energy installations of 22.4 GW in 2021, 27.4 GW in 2022 and 30.8 GW in 2023, bringing the total installed capacity to 253 GW.

Such growth prospects bode well for solar companies to expand their footprint in the region. Prior to the aforementioned project, ReneSola, through a joint venture called European Solar Energy Development JV, announced its first batch of solar projects in Europe. With a combined capacity of 200 MW, the project brings the company closer to its goal of building 700 MW of solar projects over a three-year period in Europe. Spain is one of the regions targeted by the project.

Peer movements

Other solar energy players are also expanding their footprint in the rapidly growing solar market in Europe.

For example, in July 2021, Canadian solar (CSIQ – Free Report) signed a 10-year power purchase agreement with Centrica Energy Trading A / S for two solar energy projects totaling 12 MW peak in Italy. The projects are expected to start construction before the end of 2021.
Earlier in September 2020, Enphase Energy (ENPH – Free Report) has entered into strategic partnerships with three solar distribution companies in Belgium and the Netherlands to distribute the Enphase IQ 7 family of microinverters to residential installers in these two countries.
The same month, First solar‘s (FSLR – Free Report) 6 series advanced photovoltaic (PV) solar modules have been chosen by JP Energie Environnement (JPee) to power its 59 MW DC Labarde solar power plant, the largest urban photovoltaic power plant in France.

Price movement

Over the past year, ReneSola shares have climbed 111.3 %% compared to the industry’s growth of 21.2%.

Image source: Zacks Investment Research

Zack Rank

[ad_2]

Related posts:

  1. A different animal: untranslatable Spanish idioms
  2. Sivó becomes the first Meltio Engine integrator in Spain and Portugal
  3. Leading multinationals invest in data center markets in Spain, Sweden and Ireland
  4. Ties and high heels as hybrid return to the office sets off a comfortable and relaxed boom
Tagseuropean union
Previous Article

Ghana and Spain to create 1 million ...

Next Article

Acclaimed chef Anthony Bucco’s Felina in Ridgewood ...

0
Shares
  • 0
  • +
  • 0
  • 0
  • 0
  • 0

Related articles More from author

  • Spain tourism

    Updated COVID-19 Booster travel requirements for 3 countries

    January 25, 2022
    By James K. Martin
  • Spain business

    Can seeds planted by drones spawn new forests?

    October 31, 2021
    By James K. Martin
  • Spain business

    Spain calls on the EU to develop a common strategy for the purchase of gas

    October 1, 2021
    By James K. Martin
  • Spain business

    Smoky Flavors of Spain – The Budapest Times

    January 9, 2022
    By James K. Martin
  • Spain beach

    If you are not vaccinated, you are banned from these 5 popular destinations

    September 11, 2021
    By James K. Martin
  • Spain tourism

    More tourists heading to the Balearics

    July 19, 2021
    By James K. Martin

Leave a reply Cancel reply

  • Spain beach

    ‘No pain, no Spain’: Nayanthara-Vignesh Barca trip photos go viral | View Post

  • Spain resorts

    Winter holidays in the sun for under £ 150 – including the Greek Islands from £ 92 per person

  • Spain resorts

    An Anchorage resident’s round-the-world adventure is a travel enthusiast’s dream job