The Spanish government said it would finance five hybrid battery storage projects with a cumulative installed capacity of at least 600 MW. Each project can receive up to 15 million euros ($15.68 million) in funding.

The Spanish government has announced plans to fund hybrid energy storage projects that use renewable energy to generate electricity. This is part of Spain's Recovery, Transformation and Recovery Plan (RRTP).

The initiative will fund five energy storage projects with a cumulative installed capacity (equivalent to total energy supply) of at least 600 MW. These projects must use a combination of renewable energy sources, and the funds can only be used for new energy storage.

Each project and each developer can receive up to 15 million euros in financial support. The amount of assistance for each installation will be determined based on the total project cost and the size of the developer. The same project can receive funding from the Spanish government incentive program and other EU programs at the same time, but these funds cannot be used to pay for the same expense.

The government will only subsidize projects that would face financial difficulties without state support. Projects that were in development before applying for funding are also not eligible. Projects without grid connection permits can also apply for financing, as developers can apply for permits during the implementation phase. In order to speed up the project financing process, developers can ask the government to prepay 80% of the total funds.