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Where Capital Is Flowing in Spanish Renewables - nTeaser
Episode 1
Published 1 month, 3 weeks ago
Description
Three years ago, the best price for a ready-to-build solar project in Spain was €200,000 per megawatt — today it is €50,000. Batteries have moved the opposite way, with ready-to-build prices climbing to around €100,000 per megawatt and a 30GW pipeline now stacking up behind them.Ed Porter sits down with Carmen Izquierdo Serrano, founder of nTeaser, the renewable energy marketplace where many of Spain's BESS, solar, and co-located deals are transacting, to unpack what those numbers actually mean for investors entering the Spanish power market and how the post-blackout urgency, and bottlenecks in financing and labour will shape who wins the next phase of Spain's energy transitionThey cover:
- Why Spanish solar ready-to-build prices have collapsed from €200,000 to €50,000 per megawatt while battery prices have climbed to ~€100,000 per megawatt in the space of three years
- How the 30GW Spain BESS pipeline stacks up against the ~3.5GW expected to be operating by 2030, and why Carmen thinks that operating-asset forecast is conservative
- Where the real bottleneck is for delivery - not developers or permits, but bank financing and the skilled labour needed to construct the projects
- Why Italy's BESS market has slowed after the first MACSE auction while Spain has accelerated, and what that means for capital allocation across Southern Europe.
- How buyer expectations on arbitrage revenues are likely to be cannibalised as more batteries enter the market, and which revenue streams banks will actually finance against