Portugal is among the countries with the most investment opportunities in the renewable energy sector. According to the biannual Renewable Energy Country Attractiveness Index (RECAI) ranking prepared by EY and released on Wednesday, the country occupies the 23rd position in a list that ranks the 40 main markets in the world more attractive for this type of investment.
Portugal surges in the middle of the ranking and has maintained its level of attractiveness from last year. But Spain saw its value increase, rising from tenth to ninth position in a list where the United States and China maintain, once again, the top positions and staying ahead of the United Kingdom (which jumps from fifth to third position) and Germany (which moves from sixth to fourth position).
Pedro Subtil, energy and resources leader at EY points out, in a note sent to newsrooms, that “the Iberian market is recovering well after the shock received in September 2021″, when a proposed decree law in Spain suggested the extraordinary benefits of energy companies be redirected to consumers. The proposal was amended in November.
“The markets peaked at the beginning of March, but they are still volatile, especially in the case of solar energy, so Power Purchase Agreements (PPA) can bring stability,” he argues, adding that “although the Portuguese Power Purchase Agreement (PPA) market is much smaller compared to the Spanish one”, it is “growing, with the first deals already being closed recently”.
According to EY’s 59th National Renewable Energy Attractiveness Index, energy security has risen to the top of governments’ priority list in the wake of geopolitical instability and spiralling gas prices.