Iberdrola has commissioned a 1.2 GW pumped storage hydropower project on the Tâmega river in northern Portugal. The €1.5bn Tâmega project consists of three power plants (Gouaves, Daioves and Alto Tâmega). It can produce up to 1.8 TWh/year and can store up to 40 GWh.
Iberdrola will increase its investment in the project to €3bn in the coming years, for 3 GW of wind and solar projects that are already under development, as well as for developing infrastructures related to green hydrogen. The plant is expected to avoid the emission of 1.2 MtCO2eq/year and the importation of 160,000t/year of oil in Portugal.
In 2021, hydro represented 33% of Portugal’s total installed capacity with 7.1 GW and 27% of its power generation with 13.4 GWh. The country’s NECP 2030 (2021-2030) sets a target of 47% of renewables in final energy consumption (30% in 2020).
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