The Spanish ministry for the ecological transition has gone on to award almost $30.7 million in state aid so as to incentivize the installation of renewables and energy storage systems across the Balearic Islands.
It is well to be noted that the funding will be sent through the executing agency of the ministry, the Institute for Diversification and Energy Saving- IDAE, which has gone on to select 15 projects in a committed tendering procedure. These projects will then add 49.625 MW of installed solar photovoltaic capacity as well as around 53.50 MWh of energy storage across the three Balearic Islands, the ministry confirmed in a press release on December 15.
So as to elevate grid security across the archipelago, IDAE went on to select 14 solar-plus-storage projects as well as one storage project that will go on to connect with an existing 5.5-MW solar farm.
Apparently, most of these projects plan to make use of crowdfunding campaigns so as to involve citizens in these initiatives. The ministry remarks that the tendering was in a way aimed at helping the introduction of smaller players to the electricity market, enabling four projects of less than 1 MW of generation capacity as well as five projects of less than 5 MW to get state support.
The state aid, which was sourced from Spain’s EU-funded COVID recovery instrument, will go on to help cover between 40% and 65% of the planned investment in these projects, the ministry added.
Notably, this latest allocation is after the recently finalized tender in terms of renewable energy project proposals for the Canary Islands.