Statkraft Builds Team For RE On Iberian Peninsula

FRV Senior Executive Luis Miguel Alvarez Joins Statkraft To Lead Wind & Solar Iberia Business For Norwegian Company In Spain & Portugal
07:20 AM (Beijing Time) - 26. November 2019

Iberian Peninsula, the region comprising parts of Spain and Portugal, offers a huge renewable energy potential that has attracted several local and international names including Masdar, Lightsource BP - and also Statkraft. Pictured is a Statkraft solar project outside Emmen in the Netherlands. (Photo Credit: Ole Martin Wold/Flickr)

Key Takeaways

  • Statkraft has set up a new team under Luis Miguel Alvarez to explore wind and solar opportunities in the Iberian Peninsula
  • It will be open to developing onshore wind and solar power projects in Spain and Portugal on its own or through partnerships
  • The company said it aims to also explore M&A deals in the region to meet its 6 GW onshore wind and 2 GW solar targets globally by 2025

Norwegian energy company Statkraft is taking a deeper interest in the solar and wind power market opportunities available on the Iberian Peninsula. For this reason, it has established a separate department in Spain. It will be headed by Luis Miguel Alvarez who joins the company from Fotowatio Renewable Ventures (FRV) where he was the corporate business development head.

With this team, Statkraft will develop onshore wind and solar projects in Spain and Portugal either on its own or through partnerships. It will also be open to mergers and acquisitions (M&A) opportunities in the field.

“Statkraft is ramping-up wind and solar development activities as part of its strategic plan 2020-2025 and is planning to build 6,000 MW of onshore wind and 2,000 MW of solar worldwide until 2025,” said Alvarez. “Thus, the Spanish renewable energy sector with estimated growth targets of 17 GW onshore wind and 18 GW solar by 2025 is one of the core target markets for Statkraft which should greater contribute to meet our targets.”

The company already has an office in Madrid through which it has been pursuing opportunities in the renewable power purchase agreement (PPA) business in Southern Europe (see Statkraft Signs PPA For 50 MW Spanish Solar Project).

Iberia’s wind and solar market has many big takers. In January 2019, Masdar entered an agreement with Cespa to jointly pursue wind and solar project opportunities in the region (see Masdar Focuses On RE In Europe). In October 2019, UK’s Lightsource BP acquired a stake in a 300 MW solar PV project portfolio from Forestalia to enter the Spanish solar market and establish itself in the Iberian region (see Lightsource BP Forays Into Spanish Solar Market).


Anu Bhambhani

Anu Bhambhani is the Senior News Editor of TaiyangNews

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Anu Bhambhani