EIB to loan €300 million for hydroelectric power plant in Canary Islands

Illustration of how the pumped storage dams of Salto de Chira will generate electricity. Image: Red Eléctrica

Developed by Red Eléctrica, a subsidiary of Redeia, the Salto de Chira facility will use two reservoirs, constructed at different altitudes, to store and release renewable energy.

The plant, which will operate by drawing on renewable energy stored in water pumped between the Chira and Soria reservoirs, will have a power capacity of 200MW and an energy storage capacity of 3.5 GWh.

During periods of excess renewable production, water will be pumped from the lower reservoir (Soria) to the upper reservoir (Chira). At times of higher demand, the water will flow back down, generating electricity via an underground hydroelectric system.

Gran Canaria jobs boost

The project also includes a seawater desalination plant to maintain water levels in the reservoirs and provide irrigation support to local farming communities.

As well as its aim of bolstering energy security, the project is expected to aid the local economy through job creation and growth.

CEO of Redeia, Roberto García Merino, said, “Storage will be one of the key elements in the energy transition, providing flexibility and manageability to the electricity system to integrate large amounts of renewable energies, thus contributing to electrification and access to renewable energy, which is especially important for an electricity system like the Canary Islands, which is isolated and therefore more vulnerable.”