The preliminary results of Portugal’s latest solar auction for 700 MW of capacity have been released with the winning bid price dropping to a record low of Euro 0.01114 per kWh. As part of this auction, 670 MW of solar power generation capacity was allocated in 13 allotments, mostly located in the country’s sunny southern region. Of this, 483 MW was allocated to solar PV projects linked to energy storage, 177 MW to projects under the “system compensation” remuneration option and 10 MW to projects under the “contract for difference” regime. Both the auctions will help Portugal in reaching its ambition of having 7,000 MW of renewable energy by 2030. The initial reports indicate six winning bidders with South Korean solar panel manufacturer Hanwha Q Cells grabbing a total of 315 MW of solar power capacity and 100 MW of energy storage capacity. Spanish utility Iberdrola and electricity group Endesa have been awarded one allotment each, while Germany’s TAG Energy has been awarded two allotments.