Portugal's first auction for floating solar projects on water reservoirs has awarded 183 MW of projects, including 103 MW under a Contract for Difference (CfD) model and 80 MW under a "Compensation to the National Electric System" model. Under the latter model, two lots were awarded, including one at a price of €41.03/MWh and one at -€4.13/MWh, a negative price representing a 110% discount on the reference tariff initially set for the auction, and the lowest tariff in the world. This tariff is 137% lower than the lowest tariff awarded in the 2020 solar auction (€11.14/MWh), which was then considered as the lowest in the world. EDP was awarded 70 MW of capacity at the southern Alqueva dam (expected to be operational in 2025), while Endesa won a 42 MW solar project on the Alto do Rabagao dao, and Finerge was awarded three lots (total capacity of 38 MW).
Portugal allocated 1,292 MW of solar capacity in its first solar auction in 2019 (lowest tariff of €14.76/MWh) and another 670 MW in 2020.
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