Wind giant Iberdrola steps into the Spanish sun [Reuters]
IHS Markit Ltd. Common Shares (INFO)
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Source: Reuters
Wind giant Iberdrola steps into the Spanish sun | Reuters 3 Min Read MADRID (Reuters) - Leading global wind power producer Iberdrola laid the inaugural solar panel in its first photovoltaic plant in Spain this week, a decisive step into a local market it has long shunned. Stretching across 1,000 hectares, the 500 megawatt (MW) plant will produce enough electricity for a quarter of a million households, making it the biggest under construction in Europe according to IHS Markit data. Technological advances have pushed down the cost of solar and wind power generation and political will to reduce carbon emissions is prompting utility companies across Europe to change their business models. Iberdrola already makes more than 40 percent of its energy from renewables but it stayed on the sidelines during a solar installation boom in Spain a decade ago. Xabier Viteri, head of Iberdrola’s renewables business, told Reuters the cost to build a plant is now a tenth of what it was then. “This energ
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