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Spanish utility Iberdrola SA has won planning permission to begin construction of a 100-MW captive solar photovoltaic plant in Spain with an investment of 70 million euros ($76 million), on behalf of Saudi Arabian chemicals company SABIC.
Through a power purchase agreement (PPA), it will provide green electricity for the next 25 years to SABIC, which operates a polycarbonate facility there, the Spanish company said in a statement on Thursday.
The solar plant will allow SABIC customers in markets including the automotive and construction sectors access to 100% renewable electricity produced polycarbonate solutions.
(Writing by Brinda Darasha; editing by Seban Scaria)
