Spain confirms status as top spot for renewables
Spain has confirmed its position as the top spot for investment in renewables by announcing measures aimed at almost doubling its production from renewable sources by 2010.
Private companies would be expected to fund a majority of the investment, with the government providing direct grants and investment incentives of ¬680 million.
The government has calculated that bills will rise by just 0.6% to cover the investment.
Johnathan Johns, Head of Renewables at Ernst & Young told edie this was excellent news for the sector.
"We had already ranked Spain as the number one spot for investment in anticipation of this announcement, (see related story), and we've now had that confirmed," he said.
He said Spanish wind companies like Iberdrola and Gamesa were likely to benefit massively from the announcement.
Although wind will be the biggest recipient of the investment increasing production to 20,155 MW, biomass capacity is also to be increased by 500%, and solar capacity in both photovoltaic and thermal is expected to grow rapidly.
Spain's previous plan for renewable energy approved in 1999 fell far short of the targets, largely due to rapidly rising demand for electricity causing suppliers to opt for more traditional sources.