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How much money does Spain spend on energy storage projects?

The Spanish ministry for the ecological transition on Friday opened two funding programmes, providing a combined total of EUR 280 million (USD 310.4m) in state aid to advance energy storage projects. Battery storage system in Murcia, Spain. Image by Iberdrola (www.iberdrola.com)

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.

How are pumped storage hydro projects funded in Spain?

The programmes are funded through Spain's coronavirus recovery facility. The Institute for Diversification and Energy Saving (IDAE), the agency of the ministry for the ecological transition, will manage the tendering process. Applications for funding for pumped storage hydro project can be sent from September 22 until October 20, .

When can I apply for funding for pumped storage hydro project?

Applications for funding for pumped storage hydro project can be sent from September 22 until October 20, . Submissions for standalone and thermal storage initiatives will be accepted from September 20 until October 18, .

Does the capacity market guarantee the profitability of storage projects?

The capacity market is a mechanism designed to ensure the security of electricity supply, complementing revenues from generation, storage, and demand response. However, it should not be considered a tool to guarantee the profitability of storage projects.

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