- Oct 18, 2019 4:03 pm GMT
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Spain's Institue for Diversification and Saving of Energy (IDAE) announced that 326 MW of projects have qualified for funding under the first round of the SOLBAL program, a $44.3 million initiative that subsidizes deployment of photovoltaic (PV) power capacity on across Spain's Mediterranean Balearic Islands.
IDAE will distribute the funds across 55 projects approved for implementation on the islands of Mallorca, Menorca, Ibiza and Formentera. Co-financed by the European Regional Development Fund, the SOLBAL funding covers 15.3% of the total EUR 260.5 million investment required to see them through to fruition, according to an industry news report.
All the projects have power capacities less than 5 MW. They need to be completed by 2022. Successfully implementing all of them would raise the percentage renewable energy resources provide across the Balearics from 2.5% to 10%.