Spanish electric utility company Iberdrola is set to expand its presence in the Asia-Pacific region by developing new 320MW hybrid wind and solar plant in South Australia.
The facility will be built at a site located near Adelaide and is expected to commence commercial operations by 2021.
Iberdrola renewable energy director Xabier Viteri said that there is ‘tremendous potential’ for growth in renewable power in Australia.
“Like a lot of countries, we see increasing demand from the public and businesses for their energy to come from clean sources. When you have that demand, coupled with abundant natural resources for high-performance wind and solar, it creates a highly attractive market to invest in.”
Iberdrola intends to build the new power facility with an investment of A$500m ($340m) in the Australian renewable energy segment.
The investment is part of Iberdrola’s 650MW plan, which focuses on the development of wind and solar power generating assets in South Australia and Queensland.
Through these initiatives, the company intends to further expand its presence beyond European markets.
Initially, the new hybrid facility will not have a battery storage capacity, but going further the company intends to add this capability.