The Spanish energy group Iberdrola plans to build a 400 MW solar PV plant in Velilla worth €300m, as part of its €1.3bn plan to develop more than 1.8 GW of wind and solar projects in the Castile and Leon region (Spain). Iberdrola already operates more than 5,100 MW of renewable power capacity in Castile and Leon and owns a 498 MW coal-fired power plant in Velilla, which will be dismantled in coming years. In addition, the group is executing more than 650 MW of wind and solar projects in the Velilla region, including three solar PV projects totalling 400 MW (including a project in Ciudad Rodrigo) and three wind projects (aroud 164 MW). Iberdrola also has plans for more than 1,100 MW of wind and PV projects that will be developed from 2022.
In April 2020, Iberdrola announced plans to increase its capital expenditures by 23% in 2020, from €8.15bn in 2019 to €10bn, to support the economic recovery after the pandemic.
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