Latest
Madrid-headquartered renewables developer Elawan Energy has signed a 10-year power purchase agreement (PPA) to support a 150MW solar PV portfolio in northern Spain.
The offtaker for the deal is Sandoz, a generic and biosimilar pharmaceutical company based in Switzerland.
This article requires Premium SubscriptionBasic (FREE) Subscription
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
Already a subscriber? Sign In
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Already a subscriber? Sign In
The two firms will jointly develop the solar portfolio in Valladolid, in the autonomous community of Castilla y León, northern Spain. Elawan did not confirm how many projects comprise the 150MW nameplate capacity.
The deal will cover “nearly 90%” of Sandoz’ electricity consumption from its European operations, Elawan said.
Diego Garcia, head of revenue management and PPAs at Elawan, said the deal was a “significant milestone” for the company in its aim to become a “leading independent power producer (IPP) in Spain.”
Elawan was acquired by Japanese financial services group ORIX Corporation in late 2022, at which time it had around 1.2GW of active renewables capacity and just over 7GW under construction or in development. Most of its solar PV operations are clustered in Spain and France, as well as a presence in Texas where it recently inked a PPA with tech giant Google.
The European PPA market shrunk by 25% in the first half of 2025, according to data from Swiss market consultancy Pexapark. This was largely driven by price uncertainty and the potential for negative prices. May, in particular, saw a drastic drop to the lowest contracted capacity for any month since 2020.
Since 2024, the European PPA market has been shifting. LevelTen Energy said that prices fell last year and the style of PPA changed in response to an increase in negative pricing hours. Much of Europe’s negative pricing happens in Spain, where Elawan and Sandoz have signed their deal, partly due to the amount of solar PV on the Spanish grid.
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.
Read Next
Juniper Green Energy has secured INR17.39 billion (US$197 million) in debt financing from government-backed Indian Renewable Energy Development Agency (IREDA).
A new MIT study has shown how many of the dramatic reductions in PV costs in the past 50 years were the result of innovations originating outside the solar industry.
The PV industry’s progress in meeting sustainability goals is patchy, with notable gaps in the end-of-life management of PV products, according to a review by IEA-PVPS.
CEA said the US could lose 60GW of planned solar capacity if strict “start of construction” rules come into force.
Green Genius has secured €64 million (US$75 million) in finance to support the development of a solar-plus-storage portfolio in Lithuania.
ACE Power and Osaka Gas Energy Australia have joined forces to develop the 141MWdc Forbes Solar Farm in Australia.
Subscribe to Newsletter
Most Read
Upcoming Events
PV Tech is part of the Informa Markets Division of Informa PLC
This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
Copyright © 2025. All rights reserved. Informa Markets, a trading division of Informa PLC.