The Spanish utility company, Iberdrola, has began work on a 500MW solar photovoltaic (PV) power plant.

The Núñez de Balboa plant is located in Badajoz, Spain, and mark’s the company’s first solar PV plant on the continent, CNBC reported.

A 1,000-hectare site will host the farm, which will feature 1.5mn panels. The project is expected to cost around €300mn (US$340mn) to develop.

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“As costs have come down, and technology has matured, it is clear that solar is going to be a pivotal technology in the energy transition,” stated Ignacio Galan, Chairman of Iberdrola.

“Our extensive experience in developing renewable energy means that we are well-placed to integrate this technology into our global portfolio,” he added.

The project is anticipated to be fully operational by 2020, providing 250,000 people across Spain with power.

The company pledged to make €34bn ($38.6bn) in investments between 2018 and 2022, with almost 40% to be spent on renewables at €13.3bn ($15.1bn).

By 2022, Iberdrola aims to have installed 3GW of wind and solar capacity across Spain. The firm aims to have installed 10GW by 2030.