REE (Red Electrica Española) has announced it plans to invest €2.8bn for the improvement of the Canary Islands' electricity transmission grid system up to 2025.
This amount will be allowed for the maintenance of the existing facilities but also for the construction of new installations.
REE acquired the Canary Islands' transmission grid back in 2010 and the company has invested €1bn from 2010 to 2017. This amount could reach €1.5bn in 2019, let aside the pumped hydroelectric energy storage expected investments.
The group announced it will invest €960m to build the facilities expected in the "2015-2020 Electricity Transmission Grid Planning" and will notably invest €320m for the Soria-Chira pumped storage hydroelectric power station. This facility has an installed capacity of 200 MW and the upgrade works are expected to start at the end of 2017.