Capital Energy & VERBUND sign strategic alliance to develop pumped-storage hydro plants

Capital Energy has a significant portfolio of hydropower projects in development in Spain, while VERBUND already operates more than 130 hydro power plants (seven 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

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)".