AGUAYO II

Reversible Pumped-Storage Hydroelectric Power Plant

The AGUAYO II pumping plant expansion project is one of the initiatives set out in the Strategic Plan in our commitment to low-carbon energies, bringing us closer to the goal of 9 GW of generation capacity by 2028.

Vista aérea panorámica del embalse de Alsa

The AGUAYO II project consists of the expansion of the current AGUAYO I Pumping Plant, combining greater efficiency in energy generation from renewable sources with an underground installation and without the need to expand existing resevoirs and, therefore, without impact to the environment in line with environmental conservation. 

This project, which is in the processing phase, is expected to be launched by the end of 2030 and together with the large portfolio of services that we have developed in renewable energy, sustainability, and the circular economy, will help us reach our goal of net zero emissions by 2050 in compliance with the Paris Agreement.

Aligning with the European Commission's roadmap for the energy transition

AGUAYO II will contribute to the 2030 climate and energy goals by reducing emissions, strengthening the grid, and facilitating renewable integration.

Project figures

1.4

GW

of total installed capacity with the foreseen increase of 1 GW.

2,000

GWh/year

of total energy production.

~€900M

investment

representing an important economic boost for the area.

2nd

biggest

hydroelectric power plant in Spain and the 3rd in Europe.

Seal PCI: 1-18 - Electricity Storage

The AGUAYO II project has obtained this seal within the 1st and 2nd List of Projects of Common Interest and Projects of Mutual Interest, thus demonstrating that its contribution is key for the EU's energy grid.

Aguayo II, energy to reach everyone
An efficient and viable solution for generating and storing electricity.
Video
How does Aguayo II work?
What would the expansion look like?
New underground water pipes and four groups of 250-MW reversible turbines would be installed.

In hours of low demand or high renewable production:

  • Surplus electrical energy in the system is used to pump large amounts of water to an upper reservoir, called Mediajo reservoir (upper 10 hm3 reservoir).

At times of high demand or low renewable production:

  • Additional electrical energy is required, water is dropped in the lower reservoir, the Alsa reservoir (lower 22.9 hm3 reservoir), to move the turbines, which generate electricity again.

This differential advantage allows its use within the electricity system to compensate for times when there is excess renewable production, accumulating energy, and times of excess demand, generating energy.

In addition to being a cavern power plant inside a mountain and making the most of existing reservoirs, Aguayo II stands out for its compatibility with the conservation of the environment in other aspects.

The expansion will involve improvements in the surroundings of the power plant during its construction such as:

  • The improvement of paths in the area.
  • The construction of 2 new roads to avoid heavy traffic through the surrounding municipalities.
  • The creation of additional landfills.
  • Compaction of the power transmission line.

As the project progresses, we will bear in mind the importance of conservation and lower environmental impact through:

  • Reforestation of nearby natural areas.
  • Habitat recovery.

Progress of the project

    • Execution of the preliminary study
    • Preparation of feasibility study
    • MayObtaining the Environmental Impact Statement +
    • NovemberAAP submission to public information +
    • Conceptual engineering closure
    • AprilInclusion in the 1st PCI/PMI list +
    • Basic engineering development
    • AugustDissemination of public information on the hydraulic concession +
    • Execution of optimization engineering
    • Detailed engineering completion
    • DecemberEntry into operation
  • Milestones
  • 2010
  • 2012
  • 2020
  • 2021
  • 2022
  • 2024
  • 2025
  • 2026
  • 2027
  • 2030
    • Development phase
    • Construction phase
    • Operation phase
  • Phases

News

Entrance to Aguayo II

The European Union, through the Connecting Europe Facility (CEF) — a funding program that prioritizes key projects in energy, transportation, and digital infrastructure — has awarded a grant of €180 million to the Aguayo II project. This EU support underscores the strategic importance of the Aguayo power plant expansion for European energy goals.

EU co-financing logo.

The AGUAYO II project has been funded by the European Union's Connecting Europe Facility (CEF) program under grant agreement No. 101286255. The views and opinions expressed are the sole responsibility of the author(s) and do not necessarily reflect those of the European Union or the European Climate, Infrastructure and Environment Executive Agency (CINEA). Neither the European Union nor the CINEA can be held responsible for them. 

Updated as of May 2026