It is divided between two regions – the Algarve and the Tajo Valley – and was awarded under a public auction by the Ministry of the Environment and Energy Transition.
Iberdrola currently leads the Portuguese electricity sector in large consumers, with an almost 33% market share and a portfolio consisting of 300,000 gas and electricity customers.
Chairman Ignacio Galán said: “These new projects are an example of Iberdrola’s commitment to renewable energy sources as a way of contributing to the transition toward a decarbonised Europe”.
Iberdrola is currently building the Támega hydropower complex, which consists of three new plants with a capacity of 1,158MW in total, in Portugal.
The project is expected to be commissioned between 2021 and 2023 and will increase its installed power capacity by 6%.