20 March 2024
20 March 2024
Bids put to bed analysts' fears of soaring wind power costs rendering the auction a failure.
The global energy market has witnessed increased energy prices in recent years and several governments have been lagging their climate targets in the APAC region.
The deal raises Aspiravi’s stake in the project to 70%, with Sumitomo owning the remaining 30% interest.
The initial projects under the partnership are set to receive licensing and be construction-ready by 2025.
In 2024, the company plans to invest around €2.6bn ($2.82bn).
Terra-Gen’s portfolio includes 2.4GW of wind and solar power generation and 5.1 gigawatt-hours (GWh) of energy storage.
Microsoft has agreed to purchase electricity and renewable energy credits from the project for 15 years.
The estimated total investment in the network expansion project is €1.44bn ($1.56bn), of which €740m will be provided by Iberdrola.
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