Visualization of space solar power. Photo: Space Solar

Iceland could benefit from space based solar energy by 2030 under a new deal between U.K. company Space Solar and Transition Labs. The companies announced an agreement to deliver 30 MW of space-based solar power to Reykjavik Energy in Iceland by 2030.

Space Solar has developed a solar power system that will orbit Earth, harnessing solar energy and transmitting it wirelessly via high frequency radio waves to ground-based stations. The company said these stations will convert the energy into electricity and feed it directly into the power grid, providing clean, renewable energy. Space Solar plans for its first plant to be operational by 2030 with an initial capacity of 30 MW.

The agreement with Reykjavik Energy could signal a breakthrough in space-based solar power’s journey to commercialization.

“Space-based solar power offers unparalleled benefits with competitive energy costs and 24/7 availability. Reykjavik Energy’s recognition of the potential for space-based solar to drive the energy transition is exciting, and we’re thrilled to be working together in partnership toward a sustainable future,” Martin Soltau, co-CEO, Space Solar, said in a statement.