Iberdrola has started construction of a 500MW solar farm in Spain, its first PV project in Europe.
The Nunez de Balboa plant will be comprised of 1.5 million panels across a 1000-hectare site, the company said.
Iberdrola will invest €300m in the project, which will support 1000 construction jobs during peak periods.
Nunez de Balboa is expected to be fully operational next year and will supply electricity to Euskaltel, Kutxabank and Uvesco under already signed power purchase agreements.
Iberdrola chairman Ignacio Galan said: “As costs have come down, and technology has matured, it is clear that solar is going to be a pivotal technology in the energy transition.
“Our extensive experience in developing renewable energy means that we are well-placed to integrate this technology into our global portfolio.
“The electrification of the economy shows no signs of slowing, and major projects like Nunez de Balboa will help to ensure that increasing demand can be met, while also delivering on global climate change targets.”