On November 1, 2024, the European Investment Bank (EIB) announced the approval of a €300 million loan aimed at supporting the construction of the Salto de Chira pumped-storage hydroelectric plant on Gran Canaria. The project, led by Red Eléctrica, a subsidiary of Redeia, is designed to enhance the island's renewable energy infrastructure.
The Salto de Chira facility will feature a 200 MW hydroelectric power plant alongside a seawater desalination plant. This dual-purpose approach addresses both energy and water management challenges on the island.
The project will utilize two reservoirs, Chira and Soria, located at different altitudes, to store and release renewable energy as required. By capturing surplus renewable power during periods of low demand, the system intends to generate electricity during peak demand times, thereby stabilizing the energy grid and reducing reliance on fossil fuels.
Additionally, the desalination component is expected to supply irrigation water to local agricultural communities, addressing pressing water needs. The operation of the Salto de Chira will involve transferring water between the upper and lower reservoirs to generate energy as water flows down.