Capital Energy, a renewable energy platform on the Iberian Peninsula, has teamed up with VERBUND Green Power, a subsidiary of VERBUND, the Austrian energy leader, for a new initiative in Spain. The agreement covers the potential creation of two pumped hydroelectric power stations, strengthening the renewable energy capacities of both companies. The two companies are targeting a combined capacity of 830 MW for the two plants.
Details and implications of the agreement
Under this strategic alliance, Capital Energy will lead the development, while VERBUND will be responsible for the construction and operation of the facilities. Enrique Barbudo, Managing Director of VERBUND Green Power Iberia, emphasized the importance of this collaboration in strengthening the company’s portfolio of renewable projects in Spain.
Background and previous agreements
This agreement follows a previous deal in 2022, when Capital Energy and VERBUND purchased a 171 MW portfolio of wind and solar farms in Andalusia, Asturias, and Extremadura. These projects are part of Spain’s National Integrated Energy and Climate Plan (PNIEC), aimed at accelerating the decarbonization of the economy.
The initiative reflects a growing trend towards transnational collaboration in the renewable energy sector, underlining the importance of strategic partnerships in achieving climate and energy goals. The heads of the two companies, Juan José Sánchez of Capital Energy and Enrique Barbudo, underline the alignment of this alliance with the objectives of Spain’s National Integrated Energy and Climate Plan (PNIEC). “We’re looking forward to applying our hydropower expertise in Spain,” added Enrique Barbudo.
