It has been reported that the Prime Minister of Portugal, António Costa, and the Chairman of Iberdrola, Ignacio Galán, recently inaugurated a large hydroelectric storage project in Portugal.

Further investments will be made into wind farms and solar plants (Photo: Iberdrola)

Iberdrola says that the construction of the Tâmega Gigabattery took almost eight years and involved an investment of more than �1.5 billion.

With a capacity of 1,158 MW, the Tâmega electrical power production system is said to be capable of storing 40 million kWh, equivalent to the energy consumed by 11 million people during 24 hours in their homes - thus making it one of the largest energy storage systems in Europe.

The complex is made up of three power plants - Alto Tâmega, Daivões and Gouvães - and can store energy to be used when it is most needed. The construction of the complex in this area of northern Portugal has been allocated more than �50 million.

Ignacio Galán announced during his speech that the company will be able to double the investments made in the Gigabattery in the coming years, reaching �3 billion. This is said to be allocated to new wind farms and solar plants already under development or construction.