EKZ Renewables Ltd purchases another solar plant in southern Spain

19. November 2019
EKZ Renewables Ltd has acquired the «Algibicos» photovoltaic project in the Murcia region of Spain from aventron AG. The 49-megawatt plant is scheduled to begin operation in 2020 and is not receiving state support of any kind, meaning that its power will be sold on the market. By purchasing «Algibicos», EKZ Renewables Ltd is once again betting on the power of the Spanish sun and adding to its portfolio of renewable solar energy.

The solar plant will be built close to the city of Murcia in Spain’s southeast. Construction work is scheduled to begin in the first quarter of 2020, while commercial operation should commence in the fourth quarter of the same year. In order to increase production, the plans incorporate single-axle moving module stands, so that the photovoltaic modules can follow the sun throughout the day. The system will generate 92 GWh of clean power every year, which corresponds to the energy requirements of around 20,500 households. Since Spain no longer offers any feed-in tariffs (FITs) for photovoltaic projects, the power generated in future will be sold on the market.

The offering of new photovoltaic projects has been meagre over the last few years, since without feed-in tariffs such projects were not financially viable . The production costs for power from new photovoltaic systems have fallen continuously, however, and are therefore now below energy market prices on the sunny Iberian peninsula, making it possible to operate photovoltaic systems profitably. The long-term production forecasts are more reliable than those for wind energy and fluctuations in production less significant. EKZ Renewable's portfolio abroad includes a share in a solar-thermal plant in Spain, as well as wind power plants in Portugal, Italy, Germany and France, which all benefit from FITs.

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