Solar PV will drive renewable energy deployment in Spain as its installed capacity expands from 21.5 GW in 2021 to 152.8 GW by 2035, according to a new report from GlobalData. Thanks to the growth of solar PV, GlobalData projects Spain’s cumulative installed renewable energy capacity to reach 218.1 GW by 2035, growing at a compounded annual growth rate (CAGR) of 9.1% from 2024 to 2035.
Solar PV will likely surpass another significant source of clean energy in the country. GlobalData analysts believe onshore wind will expand from 28.7 GW in 2021 to 56.3 GW in 2035. Offshore wind will constitute a small portion of the total capacity at 3 GW, while biopower will make up 1.6 GW and solar thermal 2.4 GW of the total within the next 10 years.
“Spain’s updated PNIEC (National Energy and Climate Plan) and policies like the Renewable Energy Economic Regime (REER) and the Climate Change and Energy Transition Law are ensuring strong investor confidence,” said GlobalData Power Analyst Mohammed Ziauddin.
Under PNIEC, Spain targets a cumulative solar PV capacity of over 76 GW by 2030, including 19 GW for self-consumption (see Spain Set To Target 76 GW Solar PV Capacity By 2030 Under Approved NECP).
Ziauddin adds, “The competitive auction framework under REER and distributed generation incentives like the Self-Consumption Law are accelerating both utility-scale and rooftop solar deployment. Offshore wind and green hydrogen are also emerging as new growth pillars, supported by EU and national funding.”
Spain’s clean energy plan is strengthened by low dependence on Russian gas and varied LNG sources, point out the analysts. New links with France and Portugal – including the Bay of Biscay and Trans-Pyrenean projects – will improve energy security and grid flexibility for the country.
Zia concludes, “Spain’s rapid solar PV expansion, strong wind pipeline, and growing green hydrogen sector are setting the stage for long-term decarbonization. With grid modernization and cross-border upgrades, Spain is on track to achieve its 2030 and 2050 targets.”
However, they point to challenges in terms of delays in permits, grid limitations, and low cross-border connections that hamper efficient electricity trading.
