• The tender and award process will conclude between April and May 2018

Red Eléctrica, through its Canary Islands subsidiary REINCAN, will award around 10 million euros in various services including, among others, the construction engineering, the works project management and the technical assistance of the Soria-Chira pumped-storage hydroelectric power station, in Gran Canaria This power station will be an effective energy storage tool for the operation of the electricity system that will improve the efficient integration of renewables, as well as the guarantee and security of supply on the island.

After commencing the work to carry out a more comprehensive geotechnical study last November, an invitation to tender was published in the Official Journal of the European Union regarding the abovementioned services, thus complying with the regulations applicable to the awarding of these works. The award process must be completed between April and May of 2018 and it is expected that the main specialised engineering and construction services companies at a national and European level will compete, either individually or as part of a consortium.

An essential project for the Canary Islands’ new energy model  

The Soria-Chira pumped-storage hydroelectric power station will be a milestone worldwide and will constitute an essential infrastructure to advance towards the achievement of the new energy model on the Canary Islands, based on renewable energy, interconnections between islands, large-scale energy storage and a better and greater meshing of the electricity grid.  

With an investment that will exceed 320 million euros, the power station will have a power capacity of 200 megawatts, which represents around 36% of the current peak demand of Gran Canaria. The project includes the construction of a seawater desalination plant and the associated marine works, as well as the connection between the power station and the Santa Águeda substation through a 220-kilovolt line that will be 20 kilometres in length. Once commissioned, the pumping station will enable the use of surplus renewable energy for pumping water to a reservoir upstream, which can then be used later to produce electricity to balance the electricity system should there be a fall in electricity production from renewable sources.

Last September, Red Eléctrica was recognised by the Dow Jones Sustainability Index (DJSI) as the best company in the world in sustainability in the Electric Utilities sector and the Utilities supersector, which encompasses the electricity, gas and water sectors. This leadership endorses the Company’s respect for the environment in all its projects and its permanent dialogue with its stakeholders. The Company's commitment to sustainability, the cornerstone of its strategy, is reflected in the development of a business model based on best environmental, social, ethical and good governance practices, and that integrates innovation as a lever for growth and improvement in sustainability.

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