Malta Inc. and BBVA sign collaboration agreement on Iberian BESS

The MoU establishes a comprehensive framework for Malta and BBVA to collaborate on joint activities that leverage Malta’s advanced energy storage technology and BBVA’s financial expertise. The primary focus is to develop a discharge power offtake Power Purchase Agreement (PPA) supporting the deployment of Malta’s energy storage technology. Additionally, the MoU aims to strengthen and enhance the existing relationship between Malta and BBVA, advancing it towards a fully collaborative partnership.

The collaboration between the two organizations stemmed from the Energy Resilience Leadership Group, which focuses on enhancing Europe’s energy resilience. Led by Breakthrough Energy and Siemens Energy, ERLG brings together corporate CEOs, political leaders, financial institutions, and start-ups to bring emerging climate technologies to scale and deploy commercially viable projects.

Energy storage is crucial for Europe’s transition to a sustainable energy future, capturing excess energy from intermittent renewable sources. This enhances grid resilience, reduces reliance on fossil fuels, and mitigates climate change.

Malta provides flexible, cost-effective, long-duration electricity storage solutions and essential grid reliability services. However, deploying these solutions, especially for a FOAK project, requires innovative financing beyond existing market structures. This MoU represents a collaborative effort to bridge this gap, promoting the deployment of Long-Duration Energy Storage (LDES).

“This MoU with BBVA represents a significant milestone in our efforts to deploy our first-of-a-kind energy storage technology. By integrating BBVA’s financial innovation with our advanced storage solutions, we aim to establish a viable model for future energy storage projects,” commented Ramya Swaminathan, CEO of Malta.

“Our partnership with Malta is a step towards developing financing products that support pioneering energy storage projects. We are excited to collaborate with Malta and Breakthrough Energy to bring innovative energy solutions to the market. Sustainability is a story of innovation and for us, it is very important to identify and support the cleantech ecosystem, which is absolutely key to the decarbonisation of the economy,” added Javier Rodríguez Soler, Global Head of Sustainability and CIB at BBVA.

“This type of collaboration between Malta and BBVA is what we are working towards with the Energy Resilience Leadership Group,” noted Ann Mettler, Vice President Europe, Breakthrough Energy. “BBVA is opening the gates for deployment of Malta’s long-duration energy storage – technology that is crucial to build energy resilience in Iberia and Europe at large.”

 

The Malta-BBVA MOU is an example of the positive outcomes that result when global corporations combine their strengths and initiatives with innovative climate technology. This partnership propels energy solutions to market and sets a precedent for future collaborations addressing the urgent challenges of climate change and energy resilience.

Over the coming months, Malta and BBVA will focus on detailed planning and implementation of the initiatives outlined in the MOU. The collaboration will prioritise creating effective financial solutions and advancing the energy storage project in Iberia.

 

 

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