Iberdrola's chairman, Ignacio Galan, and the Portuguese prime minister, Antonio Costa, visited the Tmega giga battery works this morning, one of the largest energy stores in Europe.
The Tmega complex, with an investment of more than 1.5 billion euros, includes the construction of three reservoirs (Gouvaes, DaivOes and Alto Tmega) on the Tmega river, which is a tributary of the Duero. The works, which began in 2014, are now two thirds completed and are expected to be finalised in 2023 according to the planned schedule, while the Gouvaes and DaivOes plants will be operational by the end of 2021.
On his visit to the complex - which was also attended by Portugal's minister for the environment and energy transition, Joao Pedro Matos Fernandes, and the presidents of the town councils in Ribeira de Pena, Vila Pouca de Aguilar, Chaves and Cabeceiras de Basto - Ignacio Galan and Antonio Costa inspected the progress in the works, which employ thousands of professionals from more than 100 companies, 75 of them Portuguese.
Once completed, this large renewable infrastructure will have sufficient storage capacity to serve two million Portuguese households for an entire day and will contribute to the emission reduction targets set by the Portuguese Government.
Iberdrola also launched a socioeconomic action plan for the area around the development more than five years ago, which, with over 50 million euros invested, has promoted social, cultural and environmental initiatives. These are already paying off in the seven municipalities that benefited from the project: Vila Pouca de Aguiar, Riberia de Pena, Boticas, Chaves, Cabeceiras de Basto, Montalegre and Valpacos.
The development of this large complex has been possible thanks to Iberdrola's determined commitment to a sustainable energy model, which began two decades ago, and to the stable environment achieved by Portugal's government in recent years.
Ignacio Galan told Antonio Costa 'developing infrastructure such as this (one of the largest in Europe) is only possible if there is clear planning, a stable framework, legal certainty and continuous dialogue to seek solutions to the inevitable incidents that can arise throughout its construction and operation'.
Galan also congratulated the Prime Minister on the economic recovery process the country is undergoing: 'Based on the incentives provided by the success of its economic programme and the social agenda it has implemented during its term in government, direct foreign investment has increased to record levels'.
Contact:
Juan Llobell
Tel: +34 91 784 32 32
Email: comunicacioncorporativa@iberdrola.com
IBERDROLA, S.A. 
