Spain secures major EU grant for 1 GW pumped storage project

<p class="p1"><span class="s1">The European Union is investing €650 million ($766.5 million) in cross-border energy infrastructure, led by a grant for the Aguayo II pumped-storage project in Spain, alongside smaller allocations for upgrades such as the Čierny Váh pumped-storage plant in Slovakia.</span></p><p><strong>From <a href="https://www.ess-news.com/2026/02/03/spain-secures-major-eu-grant-for-1-gw-pumped-storage-project/" rel="noopener" target="_blank">ESS News</a></strong></p>
<p>The European Commission has awarded nearly €650 million from the Connecting Europe Facility (CEF) to 14 cross-border energy infrastructure projects aimed at strengthening security of supply, boosting renewable energy integration, and improving the interconnection of Europe’s electricity systems. The call for proposals – linked to the first list of Projects of Common Interest (PCIs) and Projects of Mutual Interest – exceeded the initial €600 million budget.</p>
<p>Of the total funding, approximately €470 million has been allocated to six electricity infrastructure projects, including smart grid initiatives.</p>
<p>The largest single grant has been awarded to Spain: €180 million for the Aguayo II project, a pumped-storage hydroelectric plant designed to increase energy storage capacity and support renewable energy integration.</p>
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