THE SPANISH-AUSTRALIAN
CHAMBER OF COMMERCE

La Camara aims to be the preeminent point of reference for the Spanish-Australian business community and to facilitate and foster the development of business relationships within this community.

La Camara achieves these aims through events such as corporate lunches, ministerial briefings, seminars, private boardroom functions, networking evenings and more relaxed cultural and cocktail events, as well as a variety of services and promotional opportunities for our members.

Events organised by La Camara allow both members and non-members to develop the professional contacts they need within the Spanish-Australian business community.

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GRS signs its fourth contract in Australia to build the Molong Solar Farm

May 28, 2020 Source: GRS Official Website . The photovoltaic plant will be built for AMP Energy and is expected to be connected to the grid by the end of this year. Molong Solar Farm will have 39 MW of peak power, a figure that could meet the electricity demand of almost 11,000 homes. The Spanish EPC contractor GRS has signed its fourth contract in Australia, following the agreement reached with AMP Energy, for the Molong Solar Farm under an Engineering, Procurement and Construction (EPC) arrangement. In addition, the company will be in charge of the operation and maintenance phase for at least the next two years from its connection to the grid. Located in the region of Molong, New South Wales, the facility will have 39 MW of peak power, whose production will avoid the emission of 53,585 tonnes of CO2 into the atmosphere, equivalent to the consumption generated by 10,507 vehicles. With this new project, GRS has already contracted 364 MW throughout the country, consolidating its position as one of the leading EPC contractor in the Australian market. Currently, Australia is one of the countries with the greatest commitment and turnover in the renewable energy sector, proposing a pioneering plan, by 2030, to achieve 100% renewable generation within the next 10 years. In this way, GRS is strengthening its position in the country with new projects and continuous activity. This is how its CEO, Juan Pedro Alonso, explains it: “We are at a moment of growth in activity at a global level in general, and in Australia in particular, where we are very active, studying new projects for the near future“. He also highlighted “the great work being done by all areas of the company to consolidate our position as one of the most important EPC contractor in Australia“, which is reflected “in the signing of a fourth agreement, with a new client, with which we reached a figure of MW contracted to be proud of”. Molong Solar Farm will cover an area of approximately 80 hectares, on which 80,088 photovoltaic modules will be installed to produce enough energy to meet the electricity demand of 10,981 homes. About 160 local employees will be involved throughout the construction. In addition, the company will train a group of local workers to carry out the operation and maintenance work. It is estimated that it will be connected to the Australian Government’s electricity grid by the end of this year. Learn more about Gransolar Group (GRS) 

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COVID-19 NEW UPDATES ANNOUNCED ON 18TH MAY FROM CÁMARA DE COMERCIO DE ESPAÑA: LATEST INFORMATION ABOUT THE PANDEMIC AND THE STATE OF ALARM

18 May 2020 - The transition to normal map  shows that 70% of the Spanish population are in Phase 1, 30% continue in Phase 0 but with more flexibility, and 45,000 inhabitants have moved on to Phase 2. - Ministry of the Interior (Ministerio del Interior) - Borders. Ministerial order that extends the restriction on travel to countries of the European Union and the Schengen area until June 15. - Ministry of Transport and Mobility (Ministerio de Transporte y Movilidad) - Access to Spain through ports and airports. Ministerial order that restricts access from abroad by air and sea to prevent the spread of Covid-19.   Other documents of  interest: - Medidas aprobadas por el Gobierno de España ante la pandemia de COVID-19. -Iniciativas de la UE en apoyo a las pymes. -Medidas de organismos internacionales. -Read more about Cámara de España 18th May COVID-19 Update -Further information on COVID-19

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Spain: Macroeconomic and financial outlook – CaixaBank Research

7 May 2020 CaixaBank Research has recently released its May Report with some interesting insights on how the Spanish economy is dealing with the current COVID-19 crisis, as well as some forecasts in the medium term. Main messages 1- The Spanish economy will sink into a severe recession due to COVID-19: The COVID-19 shock will lead to a sharp downturn. Major lockdown measures were activated on March 14 but as of April 26 some have very gradually been reduced. Our scenario forecasts that the impact on activity will be most acute during the first semester of this year, with the economy returning gradually to normality (GDP growth: -7.2% in 2020 and +6.9% in 2021). Nevertheless, the uncertainty surrounding the scenario is very high as its heavily dependent on the virus’ evolution, lockdown measures and the effectiveness of policies undertaken. If lockdown measures are lifted more gradually the impact could be more persistent (GDP collapse below 10%). Tourism is the sector most affected due to the higher persistence of the shock. The real estate sector is experiencing a sharp contraction, but its solid fundamentals are a plus this time. The Spanish banking sector is in good shape to face the crisis and help reduce its impact on the economy by providing liquidity to companies and offering debt moratoriums to the most vulnerable households. 2-  Strong response to counteract the economic impact of COVID-19: On the political front, the government has adopted a comprehensive policy response to ensure that confinement and activity restriction measures do not end up having persistent effects on employment and activity. The measures go in the right direction, but further action is warranted. The measures taken seek to provide liquidity to all actors in the economy to prevent their financial stress mounting (public loan guarantee scheme of €100bn). Measures to facilitate temporary job adjustments (ERTEs) will also help companies viability and reduce job destruction. The impact on public accounts will be sizeable this year (public deficit of around 10% in 2020). Ambitious measures are necessary to cushion the economic impact and spur a rapid economic recovery. The banking sector will have to deal with a notable increase in NPLs (and provisions), and a decrease in net incomes due to the lower credit demand (except corporations) and the decline in interest rates. 3-  Solid economic fundamentals are key for a swift recovery: Over 5 years of continuous growth without increasing economic imbalances. Structural reforms and substantial competitiveness gains have promoted a boost of the export sector. Dynamic employment creation (around 3 million jobs created btw 2013-2019) and moderate wage increases (+2.3% in 2019) prior to the health crisis. Solid financial position on the private sector side after a substantial reduction of indebtedness. More sustainable growth of the real estate sector, aligned with structural housing demand. Spain exited the EU excessive deficit procedure, and its public deficit remained below the 3% threshold in 2019. The banking sector remains a support factor to Spanish economic growth. The global economy will sink into a recession due to the COVID-19 1-  Lockdowns trigger a global recession: The COVID-19 represents a major global shock, which will push the world into recession due to lockdowns. Activity will recover as containment measures get lifted, but the return to normalcy will be gradual. Policies will ‘keep the lights on’. The main international economies are taking bold steps to prevent a lasting recession (support for displaced workers, production disruptions and liquidity needs). Risks are tilted to the downside: longer lockdowns, policy ineffectiveness, EM fragilities, financial stress. 2-  Central banks have responded boldly to the COVID-19: Central banks launched liquidity and credit facilities and anchored a low-rates environment. The Fed cut rates to 0.00%-0.25% (-150bp), announced unlimited purchases of Treasuries and MBS, and launched several credit and liquidity facilities (incl. corporate debt purchases and backing consumer-credit-backed assets). The ECB kept rates at historical lows, increased the appeal and amount of liquidity injections (TLTROIII, LTRO and PELTRO), and massively raised asset purchases (+870bn in 2020, ≈7% of GDP). 3-  Financial markets operate in a risk-off environment: Risk aversion and aggressive monetary policy will keep AEs sovereign yields at low levels in spite of the global fiscal expansion. As uncertainties surrounding the economic outlook recede, yields could nudge up. Risk aversion will take a toll on low-quality assets. Financial markets will exhibit renewed bouts of volatility reflecting investors’ sensitivity to the pandemic’s dynamics and policy announcements. *If you'd like to receive the whole report, please contact La Camara.  Learn more about CaixaBank Research.  

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