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June 9, 2022

Ørsted signs partnerships to develop renewable projects in Spain

The partnerships have set a short-term goal to develop onshore wind and solar photovoltaic projects in Spain.

Danish energy firm Ørsted has finalised four partnerships to develop early-stage solar and onshore wind projects across Spain by participating in upcoming grid auctions.

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The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The company has signed partnerships with Glide Energy, Rolwind, ARBA Energías Renovables and Ereda.

To support this plan, Ørsted has established a team and office in Madrid.

The Spanish government aims to generate 70% of the country’s power from renewable sources by 2030 and achieve 100% renewable generation by 2050.

To reach this goal, Spain is planning to build 3GW of floating offshore wind capacity, 50GW of onshore wind capacity and 39GW of solar capacity by 2030.

The country also aims to develop a range of marine energy projects with 40-60MW of combined capacity by the end of the decade.

Ørsted said that the short-term goal of the partnerships is to develop onshore wind and solar photovoltaic (PV) projects in Spain.

In the long-term, the company plans to develop large-scale onshore wind, solar PV and energy storage projects that could be commercialised either through government auction or via corporate power purchase agreements (PPAs).

Spain’s grid auction is expected to be held this year.

Ørsted Onshore CEO Neil O’Donovan said: “Our ambition is to grow a significant multi-GW onshore business in Spain over the next decade across wind, solar and storage technologies that will help our corporate and government partners decarbonise and complement the ambitions of Ørsted’s offshore business in a key market.”

In a separate development, Ørsted has invested in Norwegian start-up Spoor AI, which has developed an artificial intelligence (AI) system to monitor birdlife at offshore wind farms.

The company has made the investment together with venture capital firms Norrsken Foundation, Wiski Capital, Nysnø Climate Investments and Antler.

Ørsted will also partner with Spoor for developing and commercialising the Spoor technology at many of its offshore wind farms.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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