The European Investment Bank (EIB) has granted a €300m loan to the Spanish power transmission system operator (TSO) Red Eléctrica to build the Salto de Chira pumped-storage hydropower plant in Gran Canaria (Spain). The Salto de Chira power plant will have an installed power capacity of 200 MW and energy storage capacity of 3.5 GWh, and it plans to use a system of two water reservoirs at different heights to store or deliver energy from renewable energies according to the needs of the electricity system. The project will also include a seawater desalination plant to contribute to water storage.
The Salto de Chira project started construction in 2022 and is expected to come online in 2027, and it will contribute to the decarbonisation objectives of the European Green Deal. It is also part of the EIB’s action plan to support REPowerEU in ensuring energy security and reducing the EU’s dependence on fossil fuel imports.
Spain has an electricity capacity of 126 GW (end of 2023), of which 20 GW comes from hydropower (16%).
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