Spanish electric utility Iberdrola SA (BME:IBE) is seeking EU funds to build a solar panel factory with an annual production capacity of 1.6 GW in Spain.
In a press release on Wednesday, Iberdrola said that it has submitted its application for funding in response to the third call for projects launched by the Innovation Fund, a programme through which the European Commission supports green transition initiatives.
The proposed factory would be capable of manufacturing some 3 million solar panels per year, or enough to meet one third of Spain’s current demand for modules. A significant part of the production will be located in the region of Extremadura, where the new industry could boost local development and create 500 direct jobs, the group said.
“The opening of this new factory in Europe responds to Iberdrola’s interest in achieving competitive manufacturing at the European Union level and in seeking solutions on the continent to achieve greater energy self-sufficiency and lower emissions by investing in renewables, grids, storage and green hydrogen and supporting the development of innovative industrial companies,” the press release reads.
Over a month ago, Iberdrola announced a partnership with Spanish solar panel maker Exiom to build a modules factory in the region of Asturias, northern Spain.
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