Capital Energy plans to invest more than €1 billion in renewable energy in Asturias

• In its commitment to contributing to the Fair Transition and sustainable development of the communities where its wind farms are located.
• With around 1,200 MW in development in Asturias, the Company has commenced construction of the first farm in the region, with 50 MW in the municipal districts of Tineo, Villayón and Valdés.
• The Company takes active part in working parties and in preparing the initial documents for fair transition agreements, with the aim of protecting employment and economic activity in rural mining areas that have been affected by the closure of coal-fired power stations (Aboño, Lada and Narcea).
• It supplements the development of renewable energy with other vectors of innovation, such as the development of energy storage and renewable hydrogen projects, taking active part in the regional hydrogen board run by the Regional Department for Industry, Employment and Economic Development of the Asturias Government and FAEN (Asturias Energy Foundation).

Madrid, 28th July 2020.

Capital Energy, a Spanish 100%-renewable energy Company, plans to invest more than €1 billion in developing renewable energy in Asturias. With 1,200 MW of projects in development in the Principality of Asturias, Capital Energy has already begun construction of the first of its wind farms, which will produce 50 MW, in the municipal districts of Tineo, Villayón and Valdés.

Capital Energy's aim in the region is to commence construction and operation of its entire renewable asset portfolio in the Principality between 2020 and 2024, while also including new energy storage and green hydrogen production assets. Furthermore, Capital Energy, via its retail arm, will take 100%-renewable energy from its farms directly to the Asturian consumers who want it, making them direct participants in creating employment and wealth in their own region. Juan José Sánchez, Capital Energy’s CEO for business, said, “Within the Company's vocation to contribute decisively to the Fair and Green Transition of the economy and society, we want to contribute our position of leadership in developing renewable energy projects and act as a strategic ally in the energy transition in the Principality of Asturias.”

From its base in Oviedo, and collaborating with local engineers and consultants, Capital Energy is working on developing 31 projects in Asturias with a total of 1,200 MW, half of which (650 MW) are in municipal districts identified as areas of influence for fair transition agreements. The Company takes active part in working parties and in preparing the initial documents for fair transition agreements, with the aim of protecting employment and economic activity in rural mining areas that have been affected by the closure of coal-fired power stations in Aboño, Lada and Narcea.

The construction and operation of the Company’s development portfolio in Asturias is planned to create around 6,667 jobs annually in the construction phase and around 230 jobs in the generation phase, along with potential income for the coffers of the Principality and its municipal districts of more than €40,000,000 during the construction phase and more than €6,000,000 per year during operations. The operation of these projects will also prevent 1,300,000 tonnes of CO2 and make it possible to supply 35% of the current electricity consumption in Asturias.

Commitment to innovation to consolidate energy transition in Asturias

Capital Energy’s strategy depends on a significant commitment to innovation to achieve the objectives of energy transition in the regions it operates in, with the aim of contributing to creating long term value from technological, environmental and social points of view, with the creation of new jobs or relocation of the professionals affected by the transition, and contributing to the competitiveness of local industry. In this context, the Company has committed to developing energy storage and renewable hydrogen projects and is developing various initiatives in Spain and Europe.

In the case of the Principality, the Company takes part on the Regional Hydrogen Board, run by the Regional Department for Industry, Employment and Economic Development of the Asturias Government and coordinated by the Asturias Energy Foundation (FAEN). It is also analysing the possible application of solutions in various localities in the Principality such as: storage, replacing the network services provided by the coal-fired power plants, and the provision of firm, flexible services in areas where there is high industrial consumption, port areas or areas with potential renewable energy congestion, sustainable solutions based on green hydrogen that help towards industrial, thermal and mobility decarbonisation, and taking advantage of the underground infrastructure of the mining areas to put high capacity energy storage systems in place. 

Additionally, the Company is committed to giving impetus to the entrepreneurial ecosystem in the energy sector nationally, with activities in fields such as energy services, sustainable mobility, digital utility and optimising renewable energy and energy storage, supporting start-ups and scale-ups with calls for tenders such as Positive Energy. In this context, in the second half of the year, Capital Energy will announce an ad-hoc call for tenders to support entrepreneurs and start-ups contributing to speeding up the Fair and Green Transition in the Principality.

At the same time, and as part of the Company’s commitment to the Fair Transition and sustainable development in the communities where its projects are located, Capital Energy is working on developing potential social action and local sustainability programmes, including actions carried out during the Covid crisis, such as donating PPE to HUCA hospital in Oviedo. The Company's aim is to maximise its contribution in such a way that it adapts to local needs. The programmes may include actions in various fields, such as local job banks, environmental protection, education, promotion of natural areas and outreach, some of which are driven forward by the Company’s own Foundation.