Portugal’s first-ever solar PV auction for 1.4 GW tender has received offers for 10 GW and 64 companies have shown interest to develop solar power projects. The overwhelming response from international and domestic developers has enabled Portugal to strengthen its claim as Europe’s emerging market for solar PV installations, says GlobalData.
Portugal has plans to achieve carbon neutrality by 2050 and aims to meet 80% of its total power demand from clean energy generation by 2030. In order to achieve these targets, the Government aims to harness the solar potential and targets solar PV capacity installation to be 1.6 GW in 2021 and 8.1 GW-9.9 GW by 2030.
According to GlobalData, Portugal has 1.22 GW of solar PV capacity in the pipeline already which is under different stages of development. Installed capacity for solar PV is forecast to be 1.74 GW by 2023. Considering allocation of the current auction and second auction planned in January 2020, the capacity forecast for 2023 is set to go higher in the range of 3.8 GW-4.3 GW.