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Cox Energy secures PPA for 660 MW of solar in Spain and Portugal


Cox Energy secures PPA for 660 MW of solar in Spain and Portugal

The PPA relates to large-scale PV projects planned to be operational by 2020. The buyer of the power generated by the solar facilities is Spain’s power provider Audax. 495 MW of the capacity will be located in Spain, while the remaining 165 MW will be installed in Portugal.

Spanish renewable energy developer Cox Energy has secured a long-term PPA for 660 MW of solar power from Spain’s power distributor Audax.

Cox Energy said that Audax will buy the energy produced from solar power plants located in Spain with a combined capacity of 495 MW and PV facilities totaling 165 MW in Portugal.

The company said that construction on all of the facilities will be started this year, with completion scheduled in 2020. Overall, total investment in these projects is expected to reach around €400 million, Cox Energy stressed.

“Cox Energy is firmly committed to the Spanish market and to become a new independent power producer with its own generation capable of competing without aid or subsidies on equal terms with the rest of traditional market players,” the company stated in its press release.

Cox Energy also said it will develop the new solar plants alongside an unnamed international partner, without however providing more technical or financial details about the projects or the PPA.

The private PPA segment is currently seeing an increasing interest in both countries of the Iberian Peninsula. Spain’s first solar PPA was announced by the British firm Foresight in late December, while in Portugal the first 10-year PPA for a 10 MW solar project was signed in early January.

Furthermore, the number of the so-called “grid-parity” PV projects under development or under review by local authorities in both countries has literally exploded over the past year. According to the Portuguese government, the number of approved “unsubsidized” large-scale solar projects reached 756 MW at the end of last year. In Spain, in addition to the 3.9 GW of solar that was allocated in last summer’s auction, several other GWs of projects are in development, including, among others, new initiatives announced by Ellomay, Solar Venture, Baywa Re, Enel and Hive Energy.

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