Endesa to invest €700M in green energy near Abrantes
The Spanish power giant Endesa is to invest €700 million on an 800 MW green energy project at Pego near Abrantes in central Portugal.
This is according to its new three-year strategic plan (2024 to 2026) with an investment of €8.9Bn between 2024 and 2026 focused on distribution networks and new renewable production.
The company in Portugal said on Thursday that it would be able to start producing renewable energy in 2026.
Endesa won a government competition in 2022 to construct a new hybrid energy production project to replace an old coal-fired power station in Pego that closed down at the end of 2021.
The new power matrix combines solar and wind energy stored in batteries, as well as green hydrogen. All told, the new renewable energy production hub will provide around 224 MW of a total of 485 MW produced by the old power station which still provides electrical energy from natural gas under license until 2026.
The plan is to have a hybrid renewable project of 797 MW and integrate the former employees from the Pego energy station into Endesa, as well as creating 75 jobs with the new project.