Some might say it’s an ambitious target. We prefer to think of it as a necessary target. The energy paradigm in the world is shifting and Portugal aims to be a part of this transition.
The country is at Europe’s forefront when it comes to clean energy, currently producing 98% of its power demand from renewable sources. The numbers were published by Pordata, the Database of Contemporary Portugal and, even though the country is above EU’s average regarding imports of energy, the data shows that the use of fossil resources, such as coal, oil and natural gas is becoming rarer.
Thanks to long hours of sunshine, the Atlantic winds, geothermal, and biomass energy, Portugal is accelerating its shift to renewables. By July this year, Europe’s largest floating solar park will take shape in Alqueva reservoir, with an installed capacity of 5 megawatts (MW) and 12.000 solar panels.
And there’s another record-breaking investment worth mentioning: Repsol signed a deal recently for a 500 MW green hydrogen facility, one of Europe’s largest single-site H2 projects, to be built by 2025 at the port of Sines.
Commitment to Green Investors
These investments show the country’s commitment in achieving carbon neutrality by 2050. A massive challenge indeed, but exceptional measures are already in place to simplify renewable energy production, including the exemption of operating licenses and operating certificates for renewable energy facilities, battery storage, and projects for self-consumption.
Another important benefit was introduced this year: a tax exemption on ISP for self-consumption electricity produced using renewable energy sources capped at 1 MW.
Climate and energy transition can foster many opportunities for investors aiming to scale up the renewable business. And YELLOW Portugal is ready to accelerate the decarbonization path, providing entrepreneurs with all the support they’ll need.
Feel free to contact us if you’re also ready for this new cycle!