Back in May, Portugal made waves in the international sector as the country was powered by renewable sources for four days straight.
Oliver Joy, a spokesman for the Wind Europe trade association said: “We are seeing trends like this spread across Europe – last year with Denmark and now in Portugal. The Iberian peninsula is a great resource for renewables and wind energy, not just for the region but for the whole of Europe.”
James Watson, the CEO of SolarPower Europe said: “This is a significant achievement for a European country, but what seems extraordinary today will be commonplace in Europe in just a few years. The energy transition process is gathering momentum and records such as this will continue to be set and broken across Europe.”
As Europe grapples with shifting to sustainable development and power sources, new markets for solar are emerging – in areas that are ripe for investment opportunity. Italy, Portugal, and Spain are seeing extremely positive developments and progress due to the investment in solar farms and the infrastructure that comes with them. The subject is intriguing for investors and developers alike because there are many benefits to investing in these markets compared to solar markets in developing countries.
One reason is that while there is significant development opportunity, these are not developing markets. The infrastructure for investment processes is already in place – legally and in practice. This streamlines profits for European investors.
The European location of these markets has less restrictions and more ease of use than working in a developing country.
Another reason is the stability of these countries – in comparison to the risks associated with geopolitical challenges in developing countries investing in solar energy in Europe is a much safer bet. The economies are recovering and are part of the significantly more stable EU, providing security that investors need.
Finally, investing in these countries rather than other European markets offers incentives from governments. In Portugal and Italy, investor incentives and developer incentives are extremely favorable. In Spain as well a strong push from the government has established subsidies, incentives, and tax breaks for renewable development.
Overall, one of the most exciting developments in renewables is happening right here in Europe. Investors, developers, and engineers alike have the opportunity to capitalize on some of the last renewable frontiers in Europe.