Austrian power producer Verbund AG has agreed to partner with Spanish renewables developer Capital Energy on the development of pumped-storage hydroelectric projects in Spain, the companies announced on Monday.
Verbund Green Power Iberia and Capital Energy, through a joint venture, will focus on two pumped-storage hydro projects with a combined capacity of around 830 MW. The portfolio belongs to Capital Energy.
Under the agreement, the Spanish partner will continue promoting the projects. Verbund will provide technical support during the development phase and be in charge of leading construction and operation of the plants.
The Austrian utility already operates more than 130 hydroelectric plants, including seven pumped-storage facilities, with a total installed capacity of 8.4 GW, according to the press release.
The latest agreement reunites Verbund and Capital Energy. In 2022, Verbund acquired a majority stake in a 171-MW wind and solar portfolio from Capital Energy.
