The agreement contributes to the development of climate technologies, or cleantech, in a first-of-a-kind project to support European energy resilience, helping stabilize the power grid and promoting decarbonization in the energy industry.
BBVA and Malta Iberia PHES SL, the Spanish subsidiary of climate tech company Malta Inc. (“Malta”), have signed a key agreement for the development of a commercial demonstration plant for long-duration energy storage (LDES). The 14 MWhe plant, located in Puertollano (Ciudad Real, Spain), will be Malta’s first of its kind in Spain.
The project represents a decisive step toward the commercial deployment of thermal energy storage technologies. The plant will use a closed-loop system of molten salts and steam to efficiently store electricity, helping stabilize the power grid and enable greater integration of intermittent renewable sources. This collaboration reinforces BBVA's role as a financial agent in the energy transition, bringing its expertise to facilitate the deployment of technological solutions with a sustainability impact.
This agreement establishes a revenue structure that enables Malta’s first-of-a-kind project to advance from development to execution. Once operational, the plant will supply clean, dispatchable electricity and critical grid services, helping stabilize Iberia’s increasingly renewable-powered energy system.
“This agreement marks a turning point in Malta’s path to commercialization,” said Philippe Delleville, president and CEO at Malta Inc. “With BBVA’s backing, we’re demonstrating that long-duration storage is ready to deliver—providing the firm, flexible energy Europe needs to decarbonize industry, balance renewables, and strengthen energy sovereignty and reliability.”
“At BBVA, we see it as our responsibility to back the real economy by supporting climate innovation and cleantech that drives competitiveness,” said Roberto Albaladejo, global head of Strategy, Industries and Cross-Border Business at BBVA’s Sustainability and CIB areas at BBVA. “This agreement with Malta Iberia is exactly the kind of partnership we need—where finance contributes to accelerate the deployment of strategic clean technologies like long-duration storage that are essential to decarbonizing industry, stabilizing grids and building a stronger, greener Europe.”
The agreement highlights BBVA’s leadership in climate-aligned finance and its growing role as a cleantech facilitator—supporting the commercialization of new technologies that meet evolving regulatory and market demands in Europe. By uniting cleantech and financial innovation, Malta and BBVA are strengthening Iberia’s role as a hub for clean energy deployment advancing Europe’s energy security, competitive pricing, and deep decarbonization targets.
Puertollano is positioning itself as a benchmark in the development of green hydrogen, combining research, infrastructure, and industrial projects that contribute to decarbonization and the promotion of a sustainable economy in Spain and Europe. Since 2007, the city has been home to the National Hydrogen Centre (CNH2), the main research center for hydrogen technologies in Spain. In addition, Puertollano is part of the H2Med project, the Iberian hydrogen corridor that will connect Spain with Europe.