Iberdrola has announced plans to invest more than €1.3 billion ($1.4 billion) in renewable energy projects in the Spanish region of Castilla y Leon.
The aim is to expand its portfolio of sustainable energy resources while contributing towards the region’s green recovery and to create opportunities for sustainable economic growth in the area.
The utility will use the investments to develop 1,800MW of wind and solar energy projects.
The investments will help grow the industrial fabric and create 18,000 jobs.
The projects will include the largest solar pv plant in Velilla, a 400MW system that is also being touted to be amongst the largest in Spain. The project will require €300 million ($336 million) in investments and is expected to create over 4,000 jobs.
The €1.3 billion will also cover the development of smart grids and sustainable mobility, the installation of a waste assessment plant, training programmes and the creation of a Civic Innovation Platform to incentivise entrepreneurship in the region.
Up to €70 million ($78 million) will be invested per year to digitise the grid network.
Iberdrola will also dismantle a thermal plant over the next four and a half years.
Iberdrola currently has over 650MW of renewable energy under construction and in the pipeline in the region. The projects include the Herrera wind power complex, with the Spanish market’s most powerful wind turbines to date. Iberdrola has been leading the field for over 15 years in its support for renewable energy, with 5,100MW of wind and hydro power in operation in the region, making this the region with the most “green” power installed by the company.