Since 2016, Spain has attracted €11.9 billion in investment in clean technology manufacturing facilities, accounting for just over 10% of the €118 billion received across Europe during this period. Although Germany has been the main beneficiary, this year Spain and Hungary have overtaken Germany in investments under way.

This is revealed by the European Clean Tech Atlas, produced by the Bruegel think tank, which records 397 investment deals across a total of 297 facilities. According to the study, electricity accounts for 25% of the energy consumed in Spain, and almost four-fifths of it comes from renewable sources. And renewable electricity is precisely what puts our country at the forefront of attracting investment.

Productive investment
Foreign companies are major investors in European manufacturing capacity, particularly in the battery sector. Most investment in electric vehicle manufacturing comes from established European carmakers such as Volkswagen and Stellantis. However, Chinese investment has grown over the past decade, and Chinese companies are now the largest foreign investors, with nearly €30 billion announced since 2017 and €15 billion under way this year alone. Most of this investment is being channelled into battery manufacturing plants.

More than €13 billion is currently being invested in clean energy manufacturing facilities in Spain, the highest amount in Europe. The report highlights projects such as Volkswagen’s battery plant under construction in Sagunto (Valencia), AESC’s in Cáceres, and the plant in Zaragoza spearheaded by a joint venture between Chinese battery manufacturer CATL and Stellantis.

In Gijón (Asturias), Sunwafe is developing another major project to produce ingots and wafers for 20 GW worth of solar panels, equivalent to one-third of annual installations in the European Union. It also mentions Hydnum Steel’s project for a hydrogen-powered green steel production plant in Puertollano (Ciudad Real), with an investment of €1.6 billion.

Renewable energy
Solar  power has grown by 16.4% in Spain since 2016, compared with the European average of 8%, and Spain is the only country where this energy source accounts for more than 20% of total electricity generation, having already reached 22%. Since 2018, a more favourable investment climate has emerged which has accelerated this growth, the report explains.

Wind power, meanwhile, has increased by 4% since 2019 and is now approaching 25% of the total electricity supply, while hydroelectric power stations provide a further 10%. In wind power, Spain leads the way in blade production, with a capacity of 7.85 GW, and in tower production, with 18.6 GW. It also ranks second in foundations, behind Denmark, and third in turbine nacelles.

Bruegel’s atlas provides a comprehensive overview of Europe’s technological transformation, analysing adoption, manufacturing, investment and trade trends in key sectors. Its aim is to reveal how the clean energy transition is transforming industry across Europe. In addition to detailed profiles of each country, it provides a comparison with China and the United States as the main global competitors.

^{Photo: Bruegel}