Swiss energy company Alpiq has acquired the Navaleo pumped hydro storage project in Castilla y León, Spain. The project, originally developed by Spanish renewable energy company Erbienergía, is scheduled to enter commercial operation in the early 2030s.
The Navaleo facility will provide 535MW of flexible capacity to the Spanish grid with a minimum of eight hours of storage. The project uses a closed-loop design and will be built on a former mining site. In addition to energy storage, the plant will function as a water treatment facility, removing pollutants linked to previous mining activities. A 75-year water concession has been granted for the project.
This is Alpiq’s first large-scale hydropower investment outside Switzerland and forms part of the company’s strategy to expand flexible energy assets across Europe. The company stated that the project will support grid stability and facilitate the integration of variable renewable energy in Spain.
“With this investment, Alpiq builds on its long-standing expertise in pumped hydro storage and reinforces its role in delivering flexible energy for Europe’s transition,” said Amédée Murisier, Head of Business Division Assets and member of Alpiq’s Executive Board.
Original developer Erbienergía will remain a shareholder and continue to support development during the next design phase. Alpiq plans to optimise the plant configuration before starting construction.
The European Commission has designated the Reversible Treatment Plant (CDR – Central Depuradora Reversible) Navaleo as a Project of Common Interest (PCI), recognising its role in strengthening European energy security.
Spain has set ambitious renewable energy targets, increasing the need for large-scale storage to manage variability from solar and wind generation. Alpiq, which has operated in the Spanish energy market for 25 years, said the addition of Navaleo expands its asset portfolio and strengthens its position in flexibility markets.
The acquisition follows Alpiq’s recent announcement of a partnership to explore the Lac Blanc/Lac Noir pumped storage project in France.
