Expected ROI of industrial energy storage project in Portugal 2026

Why is Portugal launching a solar energy storage project?

This initiative aims to enhance the flexibility and stability of Portugal's power supply system amid its record-breaking solar electricity production. On July 31, the ministry announced the allocation of €99.75 million through a call for tenders to install energy storage projects totaling 500 MW.

Will Portugal's green transition boost energy storage by 2026?

(Montel) Portugal’s recently elected government presented its legislative programme late on Wednesday, with the green transition one of its strategic pillars, including the launch of a strategy to boost energy storage by 2026.

Will Portugal produce 80% renewable electricity by 2026?

As part of its new energy strategy, Portugal aims to produce 80% renewable electricity by 2026 and 85% by 2030. The strategy includes a target of 20.4 GW of operational PV systems by 2030, comprising 14.9 GW of large-capacity plants and 5.5 GW of decentralized generation.

What will the New Energy Cabinet do in 2026?

One of the new cabinet’s priorities for its four-year term would be a national energy storage strategy for 2026 to accelerate investment in battery storage for wind and solar photovoltaic plants, it said.

What percentage of Portugal's energy is renewable?

The share of renewables in Portugal's energy mix has grown from 27% in 2005 to 54% in 2017, with the last coal-fired power plant closing in 2021. As part of its new energy strategy, Portugal aims to produce 80% renewable electricity by 2026 and 85% by 2030.

How much storage capacity will EDP achieve by 2026?

Overall, the Portuguese company plans to achieve more than 500 MW of storage capacity worldwide by 2026, it noted. In addition to BigBATT, EDP had the GreenH2Atlantic and the Asturias H2 Valley projects included in previous editions of this fund.