The Navarra-based renewable energy company plans to invest 7 million euros in an initiative that will help improve the power generation process at its facilities. Specifically, it will allow the company to reserve part of its production for distribution when demand is high and conditions are not right for generating more energy. In addition to this announcement, Ríos Renovables closed 2022 with a turnover of 95 million euros and an increase in the workforce of 80% (from 140 to 250 employees).
Two of the photovoltaic farms that Ríos Renovables Group operates in Cortes and Valladolid will soon see their energy generation process improved thanks to an innovative hybridisation system with batteries. The application of this technology, which will require an investment of approximately 7 million euros, will enable the energy produced to be stored during peak generation times and supplied when demand is high and production is low.
From there, the two photovoltaic solar plants chosen total approximately 20 MW. This capacity will now be complemented by 15 MWh of storage. “This will make it possible to consume renewable energy even at times with little or no solar radiation, because the energy produced by the plants during off-peak hours will be stored and injected into the grid during peak hours, when renewable energy is not available and the energy cost is higher,” the company said.
The project will also help lower energy prices, reduce dependence on fossil fuels and improve grid resilience. At the same time, it will improve the stability and quality of the grid by providing backup power and reducing the need to build new infrastructure to meet peak demand.
Apart from these achievements, Ríos Renovables is currently developing more than 100 megawatts (MW) and has recorded an increase of more than 200% in its self-consumption area. Finally, the company closed the last financial year with a turnover of 95 million euros and a staff increase of 80 %, from 140 to 250 employees.
Source: Navarra Capital