Iberdrola SA has launched Europe’s largest solar power plant in western Spain as the country ramps up its renewable energy production to cut its dependence on fossil fuels.

Bloomberg writes about it.

It is noted that electricity in Spain is trading at almost three times the seasonal average for 5 years, as the reduction in Russian gas supplies leads to higher fuel costs, the agency writes.

As one of Europe’s sunniest countries, Spain is betting on increasing solar energy production to reduce dependence on volatile commodity markets while helping to clean up the energy balance.

The plant in the Extremadura region, which includes about 1.5 million solar panels, will produce enough electricity to power more than 334,000 homes, the company said.

It is noted that the solar power plant is already connected to the grid and will gradually ramp up production until it reaches full capacity over the next four weeks.

“This one plant is unlikely to affect electricity prices,” said Kesavartiny Savarimuthu, an analyst at BloombergNEF research firm.But if Spain continues to scale up renewables to meet its 2030 targets, electricity prices will fall,” he added.