Baku, Azerbaijan, April 14. The European
Investment Bank (EIB) has signed two green loans with Iberdrola,
totaling 108 million euros, to enhance the pumping capacity of
Spain’s Valdecañas hydroelectric complex, Trend reports.
The loans include 50 million euros from the EIB’s own funds and
58 million euros from the Regional Resilience Fund (FRA).
The funding will support improvements at the Valdecañas and
Torrejón power plants, increasing their energy storage and enabling
better integration of renewable energy. The upgraded facility will
feature a total installed capacity of 225 MW, with a 15 MW hybrid
battery and 7.5 MWh of stored energy.
The combined capacity of the battery and hydroelectric units
will boost the plant’s pumping capacity to 313 MW and increase the
storage capacity of the Tajo system to 210 GWh. The works will
utilize the existing infrastructure, minimizing environmental
impact.
Once operational, the complex is expected to reduce CO2
emissions and create approximately 165 direct jobs, with an
additional 500 indirect jobs. The project will also contribute to
economic and social cohesion in a region with below-average per
capita income.
The investment is part of Spain’s Recovery, Transformation and
Resilience Plan and aligns with the EIB’s commitment to enhancing
energy security within the EU. The Valdecañas project also supports
the REPowerEU initiative, aiming to reduce dependency on fossil
fuels.
The Valdecañas hydroelectric complex operates as a reversible
pumping plant, allowing for efficient electricity generation and
storage. This system stabilizes the electricity grid by storing
excess energy and releasing it when demand rises.