Alpiq has acquired the 535MW Navaleo pumped hydro storage project in Castilla y León, marking its first large-scale hydropower investment outside Switzerland.
The company said the advanced-stage project, originally developed by Erbienergía, is planned to enter commercial operation in the early 2030s and will provide flexible capacity to the Spanish grid.
It added that the closed-loop plant will offer at least eight hours of energy storage and will transform a former mining site into a clean energy asset, with a 75-year water concession secured.
Alpiq noted that the facility will also act as a water treatment plant to remove pollutants from previous mining activities.
“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.
The company stated that it will optimise the configuration during the upcoming design phase and aims for a rapid start to construction, while Erbienergía remains a shareholder and continues to support development.
It highlighted that the European Commission has listed the reversible treatment plant Navaleo as a project of common interest, underlining its strategic importance for energy security and renewable integration.
Alpiq said the acquisition expands its Spanish portfolio and supports its broader European strategy to grow flexible energy solutions, following its recently announced partnership to explore the Lac Blanc/Lac Noir project in France.