Global Infrastructure SherpaEU allocates funds to AGUAYO II reversible pumped-storage hydro plant
The European Commission will provide $213 M to Spain’s AGUAYO II reversible pumped-storage hydro plant, which improves renewable energy generation without expanding existing water reservoirs.
Counterparts (2)
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- European Commission provides $213 million in financing.
- Project focuses on reversible pumped-storage hydro technology.
- E energija involved as an investor, indicating private sector confidence.
- Located in Spain, a key market for renewable energy development.
Source Intelligence
The European Commission will provide nearly $768 M (€650 M) in grants from the Connecting Europe Facility (CEF) to finance 14 cross-border energy infrastructure projects. These include six electricity projects and eight hydrogen initiatives, aimed at improving EU energy security, integrating renewables, and enhancing system resilience. For electricity infrastructure, almost $555 M (€470 M) is allocated. Hydrogen projects will receive over $208 M (€176 M) . The grants mark the first time CEF funding supports hydrogen works projects and infrastructure protection. Selected projects have been designated as Projects of Common Interest (PCIs) and Projects of Mutual Interest (PMIs), enhancing cross-border connectivity, climate-neutral energy integration, and Europe’s competitiveness. The formal adoption of grant agreements will follow, with the next CEF call for energy infrastructure proposals planned for Q2 2026.
"The European Commission grants $768 M to 14 cross-border electricity and hydrogen projects to strengthen grids, resilience, and renewable integration."
Timeline
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