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.”