ReneSola (SOL) obtains approval for a 12 MW solar project in Spain – October 8, 2021
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.
Other solar energy players are also expanding their footprint in the rapidly growing solar market in Europe.
Image source: Zacks Investment Research