The solar sector is approaching 2025 with moderate expectations, but one decisive factor will shape its trajectory: energy storage. This is the view of José Antonio Irastorza, Business Development Director at Risen, who spoke at the Storage and Renewable Leadership Forum, organised by Strategic Energy Corp.

During the event, Irastorza noted that while there are 22 GW of approved permits for photovoltaic projects, the projected installed capacity for 2025 is not expected to exceed 6.5 GW. “Investments are waiting to see how BESS develops, as it is the key factor that will determine whether many projects move forward or stall,” he explained.

The first event of the year by Strategic Energy Corp was a two-part virtual session, co-organised with Mobility Portal Europe and Strategic Energy Europe. Strategic Energy Corp partnered with Future Energy Summit (FES) to host this event, as FES is the leading platform for renewable energy discussions in Spanish-speaking countries.

Notably, on 24 June, the third edition of FES Iberia 2025 will take place at Colegio Caminos (Auditorio Betancourt, C. de Almagro, 42, Chamberí) in Madrid. (Relive the previous edition here). The meeting will feature companies such as Iberdrola, Nextracker, Engie, Grenergy, Statkraft, Acciona Energía, Red Eléctrica, and EDP Renovables, alongside key representatives from Spain’s regional governments and Latin America. Key discussion topics will include solar and wind energy, storage, green hydrogen, distributed generation, PPAs, auctions, and new projects.

The key role of storage in solar expansion

One of the most significant insights Irastorza shared was the crucial role that energy storage will play in shaping the solar sector’s future. “Energy storage will become the driving force behind making many photovoltaic projects viable,” he states.

Currently, Spain has between 50 and 100 MWh of installed utility-scale storage, a figure that must increase dramatically to meet the targets set in the National Integrated Energy and Climate Plan (PNIEC).

To achieve the PNIEC 2030 goals, Spain should be installing at least 1.5 GW of storage annually. However, the lack of a clear regulatory framework and financing challenges remain key obstacles. “Storage investments depend on adequate regulation and well-defined capacity markets,” he stresses.

The industry anticipates that new regulations will be introduced before mid-year to improve the profitability of storage projects. “Financing is key. Once regulation allows it, we will see projects materialising one after another,” he predicts.

Will photovoltaic module prices rise in 2025?

Another important topic Irastorza addressed was the evolution of photovoltaic module prices. Over the past three years, the sector has experienced a steep decline in solar panel costs. However, this trend is set to reverse in 2025.

“The market has been dominated by an oversupply of TopCon technology, which pushed prices to historic lows. But now we are seeing a correction, and TopCon prices are beginning to rise,” he explained.

In contrast, HJT (Heterojunction) technology is expected to maintain a smaller price gap compared to TopCon, which could lead to new market dynamics. “For us, price increases are already a reality. We know the market perceives this, and contracts are beginning to reflect this trend,” he added.

Investments and challenges for 2025

Despite the challenges, Risen remains committed to innovation and the development of energy storage solutions tailored to market needs. The company has observed a growing demand for C&I (Commercial & Industrial) storage solutions, with modular systems ranging from 48 kWh to 1 MWh, demonstrating the private sector’s increasing interest in integrating storage.

For utility-scale projects, the scenario is different. “The pipeline for storage in Spain is around 2 GW of requested capacity, but there is still uncertainty about when these projects will materialise,” warned Irastorza.

Additionally, regulation remains a determining factor. The absence of a well-structured capacity market and a lack of incentives for hybrid photovoltaic-storage projects are delaying the sector’s growth. “Storage should receive priority treatment in energy markets, but that is not yet happening,” he noted.

A transitional year with opportunities ahead

The solar sector’s outlook for 2025 will be shaped by the relationship between storage and photovoltaics. While solar energy will continue to grow, the pace of expansion will depend on how energy storage and regulation evolve in the coming months.

At Risen, the view is that the market is in a transition phase, where investments require regulatory stability and access to financing to become a reality. “The growth of energy storage will dictate the future of photovoltaics. Without clear regulations and incentive mechanisms, the sector will face obstacles to its expansion,” concludes José Antonio Irastorza.