UNEF Yearbook 2024

All the powerof the sunin one solution The SMA Commercial Energy Solution isthe perfect combination of high-qualityequipment, smart software, and exceptionalservice. Its modular design makes it easy foryour customers to start and allows hassle-freeupgrades to fit their budget and needs anytime.SMA serves as the one-stop shop for PV,storage, and eMobility Solutions. SMA.de/en FOREWORD This yearbook carries the appropriate title “Forg-ing the Transformation Towards Sustainability.” It isa particularly well-fitting title because it announcesfrom the outset that the Spanish economy is in themidst of a transition toward a more competitive,sustainable, and adaptive production model in linewith the dual green and digital transitions that willdrive the growth of the European economy in thecoming years. The term “Forging” refers to the idea that a hardand skilled effort is underway. Indeed, this transfor-mation of the Spanish economy toward sustainabil-ity, for it to have a true structural impact, will requiresignificanteffort and perseverance,a sufficientsupply of highly qualified personnel, and abundantinvestment—both public and private, Spanish andforeign. Foreign investment will be key to completing theenergy transition toward a decarbonized, efficient,and sustainable energy production model. It is esti-mated that, in order to keep the world on track tomeet the goals set in the Paris Agreement, about1.5 times the current global GDP will need to be in-vested by 2050. The investment needs are stag-gering, and it is crucial to have ample capital andinternational know-how. In fact, foreign investmentin the global renewable energy sector has nearlytripled since the adoption of the Sustainable Devel-opment Goals and the Paris Agreement. Elisa García Grande Executive DirectorInvest in SpainICEX Spain Trade & Investment Spain is an attractive country for these types of investments. Accord-ing to the FDI Markets database from the Financial Times Group, in 2023Spain was the largest global recipient of greenfield projects in the re-newable energy sector and the second-largest recipient of clean hydro-gen-related projects after the United States. Additionally, Spain is thethird-largest recipient of projects involving research and development(R&D) activities. The energy transition is not just about addressing climate change chal-lenges from an environmental perspective. It also has a significant posi-tive impact on the economy and industry, opening up new opportunitiesfor economic development for businesses and fostering innovation andthe development of new technologies. For Invest in Spain, sectors relat-ed to green energy and clean hydrogen are a priority and strategic forthe development of our activities in the coming years. The transformative potential of the photovoltaic solar energy industryin Spain is further enhanced by the sector’s high propensity to invest inresearch and development. In 2023, investment in R&D by the Spanishcompanies in the sector exceeded €610 million, with an average budgetof 3.6% of their turnover, three times the average innovation spending inSpain’s industrial sector. The development of photovoltaic solar energy in Spain presents anextraordinary business opportunity for both Spanish and foreign inves-tors in the sector. To facilitate these investments, ICEX has collaboratedwith the UNEF in producing this annual report, providing all interestedparties with a comprehensive overview of the Spanish photovoltaic sec-tor. At ICEX/Invest in Spain, the agency under the Ministry of Economy,Trade, and Business of the Spanish Government dedicated to promotingand developing foreign investment, we encourage foreign companies inthe photovoltaic sector - across all its facets (development, EPC, oper-ations, component manufacturing, etc.) - to explore the opportunitiesthat Spain offers for their activities. Together with UNEF, we are happyto assist them in finding information and in establishing or expandingtheir operations in our country. Letterfrom theChairman Dear member companies, As we present our Annual Report, I am pleased to offeryou a brief overview of the activities UNEF has undertak-en throughout 2023, along with a review of the resultsachieved and an outlook on the Spanish photovoltaicsector. The past year has witnessed significant growth in oursector, reaffirming solar energy's central role in Spain'senergy transition. The figures are impressive: 5,783 MWof new capacity were installed in ground-mounted PVplants in 2023, marking substantial growth of 26.5% com-pared to the previous year. This progress highlights notonly the vitality of our sector but also its ability to adaptand expand in a changing environment. Rafael Benjumea In the area of self-consumption, the data highlights thematurity and potential of this segment, as well as the chal-lenges that lie ahead. In 2023, 1,706 MW of photovoltaicself-consumption capacity were installed, marking a 32%decrease compared to 2022 an