Galicia Seeks Foreign Investment in its Renewable Energy Sector

Due to strong economic growth and a commitment to the renewable energy sector, the region of Galicia — located in the northwest of Spain — is looking to get more U.S. and Canadian clean energy companies to its corner of the world.

The Galician Institute of Economic Development (IGAPE) has undertaken a campaign to bring more foreign direct investment to Galicia, which wants to be a European leader in new renewable energy development.

With about one quarter of Spain’s wind, solar, hydro and biomass resources, the region will make a major contribution to the European Union renewable energy goals and CO2 reduction objectives, says IGAPE. Wind is the fastest growing sector in Galicia, with 4,000 megawatts (MW) of total capacity planned by 2010. The Spanish turbine manufacturer Gamesa has its largest stake in Galicia with 22 wind farms already installed in the region.

In addition to wind, Galicia is looking to develop more small and large hydro, solar and biomass power plants. The region hopes to have around 7,300 MW of renewable energy projects installed by 2010.

Officials in Galicia are looking to capitalize on the abundant renewable resources there and encourage more U.S. and Canadian companies to invest in the region, which has seen a 3.46% growth rate in GDP over the last decade. While many Spanish and other European companies are taking advantage of the Galician market, U.S. and Canadian companies are not arriving at the pace that many in the region would like to see.

With the proper foreign investment in the region, officials believe that Galicia will play an significant role in helping the European Union achieve its goals of getting 20% of its energy from renewable resources by 2020.
Previous articleUSDA Awards $97 M for Renewable Energy Projects
Next articleComponent Consolidation: Tower Tech Buys Gear Manufacturer Brad Foote

No posts to display