Total has signed agreements with Spanish photovoltaic players to develop nearly 2GW of capacity in the country.
The deals, between Total Solar International and local developers Powertis and Solarbay Renewable Energy, will allow the energy supplier access to “one of the most dynamic solar markets” in Europe, with a resource that is “unparalleled” on the continent.
The agreement with Powertis establishes a joint venture, with Total holding a 65% share and Powertis, a 35% stake, with an initial pipeline of 800MW of early stage projects.
The joint venture will develop further new projects as well.
Concerning Solarbay, Total has signed an agreement to acquire 100% of the Spanish developer’s 1.2GW portfolio of projects.
The projects will be located in the regions of Andalusia, Aragon and Castile-La Mancha.
The first project of these pipelines is set to begin operations by the end of 2020, with the arrest coming online in 2023.
Success fees will be paid by Total to Solarbay and Powertis along key stages of the projects’ development.
According to Plan Nacional Integrado de Energia y Clima 2021-2030, Spain’s installed PV capacity is expected to rise from 6GW today to nearly 40GW by 2030.