Iberdrola SA has launched Europe’s largest solar power plant in western Spain as the country ramps up renewable energy production to cut its dependence on fossil fuels, Bloomberg reported.
Electricity in Spain has been trading at almost three times the seasonal average for five years, as the reduction in Russian gas supplies leads to higher fuel costs.
As one of Europe’s sunniest countries, Spain is betting on increasing solar energy production to reduce dependence on volatile commodity markets while helping to clean up the energy balance.
The company said that the plant in the Extremadura region, which includes about 1.5 million solar panels, will produce enough electricity to power more than 334,000 homes in the country.
The solar power plant is already connected to the grid and will gradually ramp up production until it reaches total capacity over the next four weeks.