The Spanish government has been offering incentives to invest in renewable energy as part of its commitment to the Sustainable Development Goals of the UN 2030 Agenda. These incentives allow full payback when solar or wind projects replace fossil fuel power sources. The Spanish government aims to expand wind and solar infrastructure as part of its Comprehensive National Climate and Energy Plan. This has attracted the interest of China’s wind turbine giant Goldwind.

Goldwind recognizes the potential in the market for renewable projects in Spain and is looking for investment opportunities. Investment firms have already prepared projects, including power grid rights and building permits, with the intention of selling them to companies like Goldwind. According to sources in the Spanish wind energy sector, there is an important market in Spain to acquire “ready to build” wind assets. The portfolio of positive environmental authorizations amounts to 12 GW, and requests for up to 20 GW are expected in the next two years.

Goldwind’s entry into Spain will not only benefit the Chinese economy, but may have a negative impact on Spanish companies. The European Union’s plans to strengthen the cleantech industrial base require the purchase of Chinese technology. Goldwind is likely to want to install its own wind turbines on the projects it acquires, reducing the market share of European wind manufacturers.

Goldwind, originally established in 1989 with a grant from the Danish government, is now the world’s largest manufacturer of wind turbines, with 12.7 GW of projects delivered globally last year. Its expansion into the Spanish renewable energy market follows China Three Gorges, a hydroelectric company, establishing a presence in Spain and Portugal.

However, the growing dominance of Chinese companies in the renewable energy sector raises concerns about the implications for national sovereignty and the planet conservation goals set by the EU. China’s concentration on the solar panel production sector, fueled by cheap coal and labor in conditions that would not be allowed in Europe, has moved the market away from Western control. This change has not only had economic consequences, but also implications for human rights and the environment.

The EU’s push towards net zero hinges on inaccurate data on the carbon footprint of Chinese solar panels. Independent research suggests that the carbon footprint is significantly higher than estimated, making solar energy less favorable compared to natural gas. This raises questions about the integrity of the EU’s green policies and their impact on the economy and well-being of people around the world.

Spain’s enthusiasm for adopting green energy initiatives may have compromised its financial situation and property rights. The implications of this move remain uncertain.