The Spanish government is targeting the battery storage sector in order to tackle climate change and the current energy crisis. In June 2023, the government announced plans to launch a €160m fund to support 600MW of storage projects which are expected to become online in 2026. The grants issued should cover 40-65% of the project cost depending on the size of the developer. This article will introduce three storage developers based in Spain who will be key players in storage development in the country. All of the developers can be found on our list of large European developers of battery storage projects.
Matrix Renewables – solar, wind, and storage developer based in Madrid
Based in Madrid, Matrix Renewables is backed by global alternative asset manager TPG and its $17bn investment platform TPG Rise. Matrix has amassed a portfolio with over 12GW of green assets operational, under construction, or at different stages of development. In September 2022, the group announced a deal with SolarStone to develop a 4.6GW US solar and storage portfolio. Matrix continues to build on its US portfolio and in May 2023, the group announced they completed a 143MW solar and 80MW storage project in Kern County, California. The energy produced has been sold to five long-term PPAs and required €40m financing.
Uriel Renovables – wind, solar, hydro, biomass, and storage developer based in Madrid
Headquartered in the country’s capital, Uriel is a specialist developer of wind, solar, hydro, biomass, and storage assets. Founded in 1988, the company belongs to the family business chain of Uriel Inversiones. The renewable energy group has offices in Spain, Poland, the US, Puerto Rico, and Mexico. In February 2023, the group announced plans to develop 675MW of battery storage projects across the US, mainly in Texas and Massachusetts. The projects will be supported by tax incentives provided by the inflation reduction act of 2022. The majority of the projects will be located in Texas (600MW) and 75MW in Massachusetts.
Iberdrola – wind, solar, hydro, and storage developer based in Bilbao
Iberdrola is one of the leading global developers of energy which has undergone rapid expansion in the renewable energy sector in recent years. The firm has made strategic plans to increase its green energy capacity to 52GW by 2025, planning to increase the development of wind, solar, hydro, and hydrogen assets. In 2022 alone, Iberdrola invested €10.7bn and increased installed capacity to 40GW, a 5% increase. In June 2022, the Spanish group developed its first battery project in Ireland. The 50MW site located in County Meath will provide electricity to EirGrid and is comprised of 16 battery containers, requiring an investment of €28m.
Image Source: Johanna Montoya via Unsplash (17.08.23)
