Spanish independent power producer Velto Renewables has entered into a strategic partnership with renewables company Kenergy to jointly develop 1GW of solar projects in Spain. The collaboration aims to capitalize on the extensive development, financial, technical, and operational expertise of both entities in the renewable energy sector.
Lucas de Haro, Managing Director of Velto Renewables, emphasized the significance of the agreement, stating, “We are now starting to develop new projects in Spain, while continuing to implement various strategies to optimize the performance of our operating assets. This is a milestone as we work to grow our portfolio.”
Prior to this collaboration, Velto Renewables' portfolio was primarily focused on solar projects in Spain and offshore wind ventures in the UK. The partnership with Kenergy provides an opportunity for Velto Renewables to expand its footprint into additional European countries.
Spain recently updated its target in the National Energy and Climate Plan (NECP), setting an ambitious goal of 76GW of installed solar PV capacity by 2030, nearly doubling the previous target of 39GW. Rystad Energy, an energy research company, predicts that Spain will generate over half of its power from renewable sources this year, with solar PV capacity reaching 27.4GW in 2023, up from 20.5GW in 2022.
Fabian Ronningen, Senior Renewables and Power Analyst at Rystad Energy, highlighted three contributing factors to Spain's solar energy transition: a concerted effort by authorities to integrate more renewables into the grid, the country's favorable solar resources, and lower population density.
