🇪🇸 Spain: Europe’s Most Competitive Solar Market and the Cannibalisation Challenge 🇪🇸

Synopsis

Spain has led Europe’s solar buildout — but scale has created its own problems. Capture rate erosion, negative pricing hours and grid congestion in key corridors are compressing returns on assets that looked very different at the point of investment. Meanwhile, the pipeline of hybrid solar and storage projects is growing fast as developers respond to the new market reality. This roundtable examines what operating and investing in Spanish solar and storage actually looks like in 2026.

• Capture rate erosion, negative pricing and how Spanish developers are restructuring revenue models to protect returns
• Grid congestion by corridor — where connection capacity exists and where curtailment risk is now structural
• BESS opportunity in Spain — what merchant, ancillary service and capacity revenues are delivering today
• PPA market evolution — what Spanish corporates and utilities are signing and where structures are breaking down
• Permitting reform, land availability and what the next wave of Spanish hybrid development actually looks like