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AGUAYO II is a reversible pumped-storage hydroelectric expansion project in Cantabria, Spain, developed by Repsol Generación Electrica SA. The EUR 180.03 million CEF Energy grant is one of 14 cross-border energy infrastructure projects (~EUR 650 million total) allocated by CINEA on 28 January 2026 under the 2025 Connecting Europe Facility Energy call for Projects of Common and Mutual Interest — the same round that produced several other CEF Energy actions already in the register (the Romania/ Bulgaria CARMEN smart-grid grant, the Germany RWE and Netherlands ACE Terminal hydrogen grants, and the Slovakia Čierny Váh pumped-storage grant). AGUAYO II was the largest single allocation in the round and the only pumped-storage project funded. CINEA formally presented the grant certificate at the 12th Energy Infrastructure Forum in Copenhagen on 21-22 May 2026, alongside certificates for CARMEN and the RWE Gronau-Epe hydrogen storage project. Severity is set at 2/5, consistent with the severity assigned to sibling CEF Energy grants from the same funding round: EU development-grant financing for grid-balancing/storage infrastructure rather than a market-distorting trade or investment-screening measure.
building the grid-balancing and storage layer of the Western industrial-policy stack, alongside the Romania/Bulgaria, Germany and Netherlands CEF grants from the same 28 January 2026 round.
GWh/year, ~7.3% of national curtailed renewables) and displaces gas-fired peaking capacity, relevant to Spanish/Iberian grid-flexibility and gas-demand forecasts.
buildout, alongside its existing portfolio of EU Innovation Fund and CEF awards.
project cost beyond the EUR 180.03 million CEF grant.
project fiche has since moved. </content>