Solar energy will power most of Spain by 2030 as investment pours in

SOLAR power will be the most dominant form of energy in Spain by 2030.

That’s according to a report by the country’s Industry Ministry, which has predicted savings of around €9.6 billion on the current trajectory of renewable energy growth.

The move to solar will also cut CO2 emissions by more than half while extra revenue will come from selling energy to France.

The most optimistic figures predict solar will reach a power production capacity of 47.1 TWh by 2030, becoming Spain’s biggest energy resource, followed by wind (31 TWh), cycle plants (24.5 TWh), hydropower (23 TWh) and nuclear power (7.1 TWh).

It means renewable energy would supply 70% of the country’s electricity.

Even in the most conservative of forcasts, solar will still be the biggest and cheapest power source in Spain by 2030, having 40 TWh power production capacity.

Renewable energy sources would still represent 67% of the country’s electricity.

It comes after a plunge in the price of solar panels and lower construction costs brought investors back to the Spanish solar market.  

Iberdrola, Spain’s largest power company, launched a solar project in March with a capacity of 425 megawatts.   

Just a few weeks ago, Spanish renewable energy firm Cox Energy signed a deal for the construction of 495 megawatts of capacity in Spain, and another 165 megawatts in neighbouring Portugal, in a €400 million investment.