First-of-a-kind 14 MWhe thermal storage plant to be developed in Puertollano, Spain, marking a pivotal step in commercializing long-duration energy storage.
BBVA’s financial partnership enables project execution, advancing energy grid stability and renewable integration across Iberia.
Strengthens Europe’s energy resilience and decarbonization goals by uniting cleantech innovation with climate-aligned finance.
BBVA and Malta Iberia have signed a landmark agreement to develop Spain’s first commercial-scale long-duration energy storage (LDES) demonstration plant, reinforcing efforts to decarbonize Europe’s energy system and improve grid reliability.
The 14 megawatt-hour electric (MWhe) facility will be constructed in Puertollano, Ciudad Real, using Malta’s proprietary thermal energy storage technology—a closed-loop system of molten salts and steam that efficiently stores and dispatches electricity. The project is Malta’s first in Spain and a major milestone in its commercialization journey.
“This agreement marks a turning point in Malta’s path to commercialization,” said Philippe Delleville, President and CEO at Malta Inc. “With BBVA’s backing, we’re demonstrating that long-duration storage is ready to deliver—providing the firm, flexible energy Europe needs to decarbonize industry, balance renewables, and strengthen energy sovereignty and reliability.”
The financing structure provided by BBVA will help the project move from development to execution, enabling Malta to supply clean, dispatchable electricity and critical grid services. As renewable energy penetration deepens across Iberia, the project will serve as a stabilizing force for the power grid.
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“At BBVA, we see it as our responsibility to back the real economy by supporting climate innovation and cleantech that drives competitiveness,” said Roberto Albaladejo, Global Head of Strategy, Industries, and Cross-Border Business at BBVA’s Sustainability and CIB areas. “This agreement with Malta Iberia is exactly the kind of partnership we need—where finance contributes to accelerate the deployment of strategic clean technologies like long-duration storage.”
The initiative cements BBVA’s position as a leading financial agent in the energy transition, aligning with EU regulatory trends and market needs. It also boosts Puertollano’s emerging status as a cleantech hub, already home to the National Hydrogen Centre and a critical link in the H2Med hydrogen corridor connecting Spain to Europe.
By aligning capital with cleantech, BBVA and Malta are advancing Europe’s energy security, competitive pricing, and net-zero targets—while positioning Spain as a strategic leader in green energy innovation.
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