Capital Energy and VERBUND Green Power have signed a strategic alliance for the development of pumped storage hydroelectric plants in Spain.
Capital Energy is a renewable energy platform in the Iberian Peninsula, and VERBUND Green Power is a subsidiary of Austrian energy company VERBUND.
The alliance will evaluate the possible construction of two pumped storage hydro plants in Spain with a combined capacity of about 830 MW. Under the terms of the agreement, Capital Energy will lead the promotion of these plants within the joint venture, while VERBUND will be responsible for leading construction and operation of the plants, as well as providing the necessary technical support during the development phase.
This is the second corporate agreement reached by VERBUND and Capital Energy in Spain regarding the implementation of clean energy projects. In 2022, the two companies signed a sale and purchase agreement for five wind and solar projects, with a combined capacity of 171 MW, located in Andalusia, Asturias and Extremadura.
“This new transaction with VERBUND, a leading European electricity company that is focused, like us, on promoting the energy transition, ratifies our commitment to the development of clean energy infrastructures, such as wind farms, photovoltaic plants or pumped-storage hydroelectric plants, which continue to promote the necessary process of decarbonization of the economy,” said Juan José Sánchez, chief executive officer of Capital Energy.
Enrique Barbudo, managing director of VERBUND Green Power Iberia, said: “We are looking forward to implementing our expertise in hydropower in Spain and to complementing our already consolidated portfolio of wind and photovoltaic projects in the country. We remain committed to the deployment of renewable capacity in Spain to contribute to the achievement of the ambitious plans of the country’s National Integrated Energy and Climate Plan (PNIEC).”
VERBUND is one of the largest producers of hydroelectricity in Europe. The group generates around 98% of its electricity from renewable energy, primarily hydropower. VERBUND trades electricity in 12 countries. With its subsidiaries and partners, VERBUND is active in the generation of electricity, transmission and in international trading and sales. VERBUND Green Power Iberia has 630 MW of renewable energy capacity in operation in Spain, as well as 120 MW of capacity under construction.
