Industrial energy storage project financing options in Spain 2030

Will Spain get 20GW of new energy storage by 2030?

Spain is targeting 20GW of new energy storage by 2030. MITECO also launched a similarly-sized grant scheme specifically for co-located or hybridised energy storage projects, for which proposals were due in March 2023. Enel Green Power submitted two projects during the first quarter which fit the criteria, totalling 60MWh and 38MWh respectively.

What is Spain's energy storage program?

For stakeholders in battery storage, thermal storage, and pumped hydro, this program offers not only financial backing but also long-term stability and political support. Spain has launched a €700 million energy storage program to support battery, thermal, and pumped hydro projects, aiming to deploy 2.5–3.5 GW of capacity.

How much will Spain invest in energy storage projects?

The ministry expects the selected projects to attract investments of around EUR 570 million, while contributing to Spain’s target of reaching 22 GW of energy storage by 2030, in line with the draft for a revised National Energy and Climate Plan (NECP).

How has Spain strengthened its energy infrastructure?

Spain has taken a decisive step in strengthening its energy infrastructure with the launch of a €700 million support scheme aimed at expanding large-scale energy storage across the country.

Will Spain have a solar power system in 2030?

A power system heavily solar dependent in 2030 will require high levels of short duration battery storage installed in Spain in the near future. Spain is relatively isolated from other markets and only has limited import and export capacity to France, Portugal and Morocco.

Can energy storage projects get 85% co-financing?

Standalone and renewables-plus-storage battery projects can apply for up to 85% co-financing, along with pumped hydro and thermal energy storage sites. Friday saw the publication of a call for applications for energy storage projects hoping to receive support from a €700 million ($794 million) EU-funded program in Spain.