Iberdrola reinforces its commitment to renewables in Portugal, after the official results of the recent auction of photovoltaic capacity in the country were announced today, where the company has been awarded the connection point to the grid for a hybrid photovoltaic project in the Algarve of 83 megawatts (MW) of power, with 14 MW of storage, which will stabilize the system and manage the discharge to the grid at times of high demand.

With this latest award, Iberdrola reaches 1,519 MW of renewable capacity in the Portuguese country: 1,158 MW are from hydroelectric technology, 255 MW from photovoltaic, 14 MW from battery storage and 92 MW from wind energy, the latter in operation.

In Portugal, the development of the Tâmega hydroelectric project is progressing , one of the largest hydroelectric complexes in Europe in the last 25 years. With an investment of more than 1,500 million euros, it includes the construction of three dams and three power plants (Gouvães, Daivões and Alto Tâmega) with a combined capacity of 1,158 MW and a pumping station, which will become one of the largest storage facilities of energy of the continent.

Added to this project are new renewable developments in Portugal: in August 2019, the company was awarded 172 MW solar capacity to be developed in the Algarve and Tagus Valley regionals and already operates three wind projects with a total of 92 MW , which involve an investment of 200 million euros.

With the promotion of the Tâmega complex and the new awarded solar capacity, Iberdrola - which has reduced its emissions in Europe by 75% since 2000 - contributes to Portugal's commitment to achieve carbon neutrality by 2050.

In the Portuguese electricity market, Iberdrola is the leader in the large consumer and industrial segment, with a 28% market share and a portfolio of nearly 400,000 electricity and gas customers. In addition, the company has the third largest share of electricity customers in the country (5.9%) and the second largest in consumption (5.7%). In this market, Iberdrola contributes with a new and sustainable approach, selling 100% green electricity to its customers.

The processes held in recent months in Europe have shown the competitiveness of renewable energies, as the main vector to achieve the electrification of the economy, as well as the company's ability to compete in the latest renewable capacity auctions in Europe: to Portugal In addition, the award won by the company this summer for three wind farms in Greece, with a combined capacity of 98.1 megawatts (MW).

KeyFacts Energy: Iberdrola Portugal country profile