Sun-drenched Spain turns on Europe’s biggest solar power plant

Iberdrola SA turned on Europe’s largest solar plant in western Spain as the country drives up output of renewable energy to cut reliance on fossil fuels.

Spanish power is trading almost three times higher than the five-year seasonal average as Russian gas cuts push up fuel costs. As one of Europe’s sunniest nations, Spain is betting that greater solar generation will ease its dependence on volatile commodity markets while helping to clean up the energy mix.

The plant in the Extremadura region, comprising about 1.5 million solar panels, will produce enough electricity to supply more than 334,000 homes, Iberdrola said in a statement. It’s already connected to the grid and will gradually ramp up production until it’s fully operational within the next four weeks.

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Source: Bloomberg

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