Three years ago, the best price for a ready-to-build solar project in Spain was €200,000 per megawatt — today it is €50,000. Batteries have moved the opposite way, with ready-to-build prices climbing to around €100,000 per megawatt and a 30GW pipeline now stacking up behind them.Ed Porter sits down with Carmen Izquierdo Serrano, founder of nTeaser, the renewable energy marketplace where many of Spain's BESS, solar, and co-located deals are transacting, to unpack what those numbers actually mean for investors entering the Spanish power market and how the post-blackout urgency, and bottlenecks in financing and labour will shape who wins the next phase of Spain's energy transitionThey cover:

Why Spanish solar ready-to-build prices have collapsed from €200,000 to €50,000 per megawatt while battery prices have climbed to ~€100,000 per megawatt in the space of three years
How the 30GW Spain BESS pipeline stacks up against the ~3.5GW expected to be operating by 2030, and why Carmen thinks that operating-asset forecast is conservative
Where the real bottleneck is for delivery - not developers or permits, but bank financing and the skilled labour needed to construct the projects
Why Italy's BESS market has slowed after the first MACSE auction while Spain has accelerated, and what that means for capital allocation across Southern Europe.
How buyer expectations on arbitrage revenues are likely to be cannibalised as more batteries enter the market, and which revenue streams banks will actually finance against

Want to go deeper on Spanish BESS revenues? Ko, Modo Energy's AI analyst, can walk you through asset-specific forecasts: https://modoenergy.com/sign-up?utm_source=podcast&utm_medium=youtube&utm_campaign=carmen_izquierdo&utm_content=ko_signupChapters:0:00 - Spain solar prices crashed from €200K to €50K per MW1:10 - Why the Spain BESS market is misunderstood2:35 - Spain's 30GW battery storage pipeline explained3:25 - Inside nTeaser: Spain's renewable energy M&A platform5:00 - Is the 3.5GW Spain battery forecast for 2030 too low?7:50 - Spain BESS bottlenecks: bank financing and labour10:00 - Who is buying Spanish battery projects in 202612:50 - Spain vs Italy BESS: the MACSE auction setback15:00 - Data centres and behind-the-meter co-location in Spain18:00 - When Spain battery projects become bankable19:30 - Spain capacity market timing and revenue impact20:30 - BESS arbitrage cannibalisation and revenue stacking21:45 - Poland, Romania, and BESS expansion across Europe23:30 - How nTeaser is changing European renewables M&ATransmission is a Modo Energy podcast hosted by Ed Porter, Director EMEA & APAC at Modo Energy.