Iberdrola has submitted a photovoltaic panel manufacturing project to the Innovation Fund.
The Fund is under the European Commission’s grant program which is used for the use of innovative technologies to reduce emissions.
According to the company, the plant will have a production capacity of 1.6 GW annually. It further stated that the project could cover a third of the current demand for such equipment in Spain.
Iberdola shared that major parts of production of the panels will be installed in the Extremadura region in Spain, which is expected to boost local economic development.
As per a local report, the initiative needs to have European funding to ensure its competitiveness.
It falls under the “Net Zero Industry Act” launched by the European Commission targeting emission-free manufacturing technologies in Europe.
According to Iberdrola, its new factory in Europe is in line with its area in achieving competitive manufacturing in the European Union. The company seeks solutions “by investing in renewables, grids, storage and green hydrogen and supporting the development of innovative industrial companies.”
Iberdrola has invested more than €2 billion in the last decade in R&D globally, with a plan to double its investment by the end of the decade.
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