• The total investment in the facility could be around 300 million euros

Red Eléctrica and Endesa have signed an agreement under which, pursuant to that set out by the Ministry of Industry on April 28, 2014, Endesa transfers to Red Eléctrica the project regarding the facilities of the 200 MW Chira Soria reversible hydroelectric power station in Gran Canaria, for a total of 11.2 million euros for costs incurred on the project to date. The total investment of the facilities could total around 300 million euros.

Promoted by the central and regional administrations, the project, currently in the administrative permitting process encompasses the construction of a reversible pumping station and the connection of the power station to the Santa Águeda substation through a 220 kilovolt power line. It also includes a 25-year concession regarding the water reservoirs for hydroelectric purposes and which can be extended to 50 years.

Red Eléctrica and Endesa have undertaken to streamline the administrative permitting processes, noteworthy being the change of ownership regarding the concession the Water Board of the Island Council of Gran Canaria had awarded to Endesa for the construction and operation of a hydroelectric power station between the Chira and Soria reservoirs.

The pumping station will not be used as a generation facility, but as a tool of the system operator for ensuring the stability and security of electricity supply. On the other hand, it will be one of the major projects of Red Eléctrica over the coming years, as it will provide a more essential infrastructure for the integration of renewables on the island and will contribute to a new energy model in the Canary Islands which is more environmentally sustainable and economically more efficient.

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