Portugal is expected, as a signatory to the Paris Agreement, to commit to the total bloc-wide goals of lowering GHG emissions by 40 percent below 2005 levels and rising the share of renewable energy to 32 percent of gross final consumption.
The country is expected to install 9.2 GW of new power capacity between 2021 and 2030, in accordance with these goals. According to GlobalData, a leading data and analytics firm, over 80 percent of this capacity is set to come from new solar photovoltaic (PV) installations allocated via the auction process.
The National Energy and Climate Plan of Portugal, released in 2018, has set a target of 47 percent of the country’s total final consumption of renewable energy. Because of competitive costs and resource abundance, the proposal focuses extensively on solar PV power building and envisages a total solar PV capacity of 8.1GW to 9.9GW by 2030. There were two sets of auctions by the government, the first in June 2019, followed by a second in September 2020. Both rounds were not only good, but also witnessed record low bid rates, suggesting that investors in solar PV in Portugal have strong confidence.
“The National Energy and Climate Plan of Portugal, released in 2018, has set a target of 47 percent of the country’s total final consumption of renewable energy. Because of competitive costs and resource abundance, the proposal focuses extensively on solar PV power building and envisages a total solar PV capacity of 8.1GW to 9.9GW by 2030. There were two sets of auctions by the government, the first in June 2019, followed by a second in September 2020. Both rounds were not only good, but also witnessed record low bid rates, suggesting that investors in solar PV in Portugal have strong confidence.”
Harshavardhan Reddy Nagatham, Senior Power Analyst at GobalData.
