Capital Energy and VERBUND Green Power sign strategic alliance to develop pumped-storage hydro plants in Spain
- Capital Energy has a significant portfolio of hydropower projects in development in Spain, while VERBUND already operates more than 130 hydro power plants (7 being pumped-storage) with an installed capacity of 8.4 GW
- This is the second corporate agreement between Capital Energy and VERBUND in Spain, following the sale and purchase of a portfolio of wind and solar farms, with a combined capacity of 171 MW, which was sealed in 2022.
Madrid, April 8th, 2024 - Capital Energy, one of the largest renewable energy platforms in the Iberian Peninsula, and VERBUND Green Power, a subsidiary of VERBUND, Austria’s leading energy company, have signed a strategic alliance for the development of pumped hydroelectric plants in Spain. The alliance will evaluate the possible construction of two pumped-stored 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 the 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 energy companies signed a sale and purchase agreement for five wind and solar projects, with a combined capacity of 171 MW, located in three autonomous communities: Andalusia, Asturias and Extremadura.
Commenting on the signing, Juan José Sánchez, CEO of Capital Energy, said that "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".
Enrique Barbudo, Managing Director of VERBUND Green Power Iberia, states: “VERBUND is Austria’s leading energy company and one of the largest hydropower producers in Europe. 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)".
About VERBUND
VERBUND is Austria’s leading energy company and one of the largest producers of hydroelectricity in Europe. The Group generates around 98 % of its electricity from renewable energy, primarily from hydropower. VERBUND trades electricity in 12 countries and generated around € 2.266m group result and € 4.490m in EBITDA in 2023 with approximately 3,800 employees. With its subsidiaries and partners, VERBUND is active in the generation of electricity, transmission and in international trading and sales. VERBUND has been quoted on the Vienna Stock Exchange since 1988 with 51% of the share capital being held by the Republic of Austria.
VERBUND is the decisive player for the success of the energy transition in Austria. The challenges that lie ahead require a new company spirit, which VERBUND is driving forward with its Mission V. The Mission V is a long-term and comprehensive transformation program and stands for the will to confront the climate crisis as a force for change. This program is based on the VERBUND Strategy 2030 with its three main pillars: Strengthening the integrated home market, expanding renewable energies in Europe and becoming a European hydrogen player. With Mission V, VERBUND is accelerating the achievement of the strategic goals 2030 and ensuring their implementation.
Further information: www.verbund.com
VERBUND Green Power Iberia, present in Spain since 2021, currently has 630 MW of renewable energy capacity in operation in Spain, as well as 120 MW of capacity under construction. It also has a large portfolio of projects at an advanced stage of development.
More information: www.verbund.es
About Capital Energy
Capital Energy, a Spanish company with more than two decades of experience that has become one of the largest renewable energy platforms in the Iberian Peninsula, with a portfolio totaling around 25 gigawatts (GW) of capacity, is promoting an industrial project whose ultimate goal is to achieve an ecological and fair energy transition and for which it leverages the strengths of a 100% sustainable and digital business model.
More information: www.capitalenergy.com