Renewable Energy
Renewable energy involves shifting to a diverse, more sustainable power mix while managing intermittent supply, revamping infrastructure, aligning technology innovations and policies, and engaging customers.
WTM is pivoting towards Spain and other European countries for scaling this energy transition across the value chain, from sourcing raw materials to manufacturing, infrastructure and capital availability.
Spain is well positioned to decarbonize and embrace the new opportunities from this journey. The country has the potential to become a leader in the energy transition, harnessing electrification and renewables to decarbonize energy end-uses and power supply, respectively.
The country has around 300 sunny days per year, resulting in a levelized cost of energy (LCOE) for solar that is approximately 45 percent lower than the EU average. Spain also has favorable conditions for 24/7 renewables production, including pumped-hydro storage capacity of around 3 gigawatts (GW), which represents 3 percent of the total installed power capacity – more than most European countries. There is a larger share of unused and abandoned land in Spain, 25 percent compared to the European average of 15 percent.