UK solar developer Hive Energy sets up shop in Spain
May 5, 2016 11:33 CEST
May 5 – UK solar developer Hive Energy today said it has opened offices in Madrid, Spain, and is already looking at sites with a potential capacity of over 300 MW.
The company, which in the past 12 months opened offices in Dubai, Turkey and Mexico, said it had decided to venture into Spain as the country’s solar market offered opportunities for growth and was without a dependency on subsidies.
Spain, which has the highest irradiation in Europe, has a total installed photovoltaic (PV) capacity of 4.5 GW, compared to 10 GW in UK and 40 GW in Germany, meaning the potential of its solar market is yet to be fully realised, according to the announcement. This along with the falling costs of materials and overheads leads the company to expect that Spain will achieve grid parity quickly.
“Since the typical development time for a solar project in Spain is close to two years, we believe that securing and starting to develop projects now so that they will be ready by 2017/2018 will pave the way for economically viable solutions in terms of PPAs, swap or derivative options,” said Luis Martinez Hermida, who is in charge of the Spanish offices.
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