About Port of spain independent energy storage project
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6 FAQs about [Port of spain independent energy storage project]
What are the innovative energy storage projects developed by Iberdrola?
Below, we highlight the innovative energy storage projects developed by the company. Iberdrola España has commissioned the first photovoltaic project in Spain to incorporate an energy storage battery at the Arañuelo III photovoltaic plant, with an installed capacity of 40 MW. The project incorporates a 3 MW battery and 9 MWh of storage capacity.
Why are battery storage options more suitable in Spain?
As a result, shorter duration storage options like batteries are more suitable in Spain. In Spain, over 50% of excess renewable energy occurs in periods where there is continuous excess for less than 12 hours i.e. a battery that chooses to charge on this energy would be able to discharge within 12 hours.
How much money will be allocated to energy storage projects?
The first programme is set to allocate EUR 180 million -- EUR 150 million to support standalone energy storage projects, with thermal storage initiatives receiving a funding boost of EUR 30 million. The second funding programme, with a budget of EUR 100 million, will specifically target pumped storage hydro projects.
Where will a battery be installed in Spain?
In Castilla y León, a battery will be installed in Revilla Vallejera (Burgos), where Iberdrola España completed its first hybrid wind-solar plant in Spain in 2023. Extremadura will have two new batteries. The company will install two batteries in the province of Cáceres, where the C. Arañuelo I and II photovoltaic plants are located.
Will Spain open up a new market for batteries?
As regulation evolves, we expect the Spanish government to open up with highly attractive new markets for batteries, such as Capacity Market, Contracts for Difference or Fast reserve, which could provide a higher degree of contracted revenues.
When will pumped storage hydro projects be completed?
The funded projects are required to be completed by June 30, 2026, although the deadline is extended to December 31, 2030, for pumped storage hydro projects, subject to specific characteristics and prior approval from the European Commission. (EUR 1.0 = USD 1.109)
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