Xabier Viteri, Iberdrola's head of renewables, said that the company will invest 500 million Australian dollars (344.9 million U.S. dollars) in the Port Augusta Renewable Energy Park (PAREP), a proposed wind and solar farm, according to Guardian Australia on Monday.
He said that Australia was an ideal renewable investment opportunity because of its high consumption and stable energy market.
"It's a place where renewables are going to play a much more relevant position in the coming years, clearly," he said.
The South Australian government has committed to a renewable energy target of 75 percent by 2025.
The PAREP has been developed by DP Energy, who said it is now "shovel ready," and will feed directly into the SA power grid.
It will consist of a 210 megawatt (MW) wind farm, which has been designed to operate at peak capacity when demand for power peaks between 6 and 7 p.m., and a photovoltaic (PV) solar grid that will generate power during the day.
Fernando Santamaria, Iberdrola's country manager for Australia, said that construction will begin in 2020 and should be completed in the second half of 2021.
"The combination of those technologies, it's a trend we are seeing globally," he said.
"The wind profile matches very well the South Australian demand, and the solar provides the perfect complement."
"I think corporate, big customers, are becoming more and more interested in decarbonization, getting cleaner sources of energy for their projects, for their consumption."
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