X-Elio Plans EUR 250 Million Investment in Solar Projects Despite Permitting Challenges in Valencia

Spanish renewables company has announced intentions to invest EUR 250 million (USD 270.6 million) in new solar photovoltaic projects in the region of eastern Spain, despite encountering difficulties in obtaining permits at the regional level.

X-Elio, a subsidiary of Partners LP (TSX:BEP.UN), currently holds a portfolio of over 330 MW in Valencia, comprising 50 MW of operational solar capacity and an additional 283 MW in solar and battery projects under development.

CEO unveiled the investment plan during discussions with regional leaders and the media last week, emphasizing the company's commitment to bolstering the local economy and advancing the transition to cleaner energy sources. X-Elio has also established a new branch in Valencia, as highlighted in the company's press release.

Despite the progress with existing projects, X-Elio has faced challenges with regulatory approvals in Valencia. The company has completed construction on the 35 MW Turroneros I and 15 MW Turroneros extension solar farms, but the 35 MW Turroneros II, finalized in August last year, has yet to receive the necessary regional license to commence operations, according to a report by Spanish business daily El Economista.

Noguera acknowledged that the permitting process for renewables in Valencia is notably complex, rivaling only Catalonia in its challenges, as reported by El Economista. While previous efforts by Valencia's government aimed to streamline regulations and accelerate permitting for renewable projects, X-Elio noted that tangible progress has been limited.

However, Noguera expressed optimism following assurances from the new regional leadership that updated regulations will soon be implemented to facilitate a more efficient permitting process, according to El Economista's report.

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