The Portuguese energy secretariat has secured 1.15 GW of solar development at an average cost of $22.53 per megawatt-hour, representing an investment of about $887 million.
One of the bids was made at $16.44/MWh, which was declared a new world record for low solar bidding, according to Portugal’s Journal Económico. The secretariat had placed a €45/kWh ceiling on bidding.
The auction included 24 projects, of which 23 attracted bids and were awarded to 13 bidders. Spain’s Iberdrola won 7 of the 24 licenses available, as the largest number of projects gained by one bidder. France’s Akuo won 370 MW, the largest project in the auction, according to Jornal de Negocios.
The auction was the largest of its kind in Portugal to date, and represents more than double the current installed capacity of solar energy in the country.
Portugal produced a record level of power from clean energy sources in March 2018, the first time that renewables filled 100% of its production.
Much of the country’s renewable energy comes from hydro and wind sources, although solar generation is increasing rapidly now.
In 2018, renewables provided about 52% of the country’s electricity demand, according to the Portuguese power utility Redes Energeticas Nacionais (REN).
The country expects to be a 100% renewable energy producer by 2040.
Reference- Clean Technica, Journal Económico