Malta Inc & BBVA sign Iberian long-duration storage financing MOU

June 27, 2024

Electro-thermal long-duration energy storage company Malta Inc and the bank BBVA have signed a memorandum of understanding (MOU) that lays the groundwork for a strategic partnership aimed at developing financial models to support the deployment of Malta energy storage in the Iberian Peninsula.

The MOU establishes a “comprehensive framework for Malta and BBVA to collaborate on joint activities that leverage Malta’s advanced energy storage technology and BBVA’s financial expertise”, a statement said. “The primary focus is to develop a discharge power offtake power purchase agreement (PPA) supporting the deployment of Malta’s energy storage technology.”

The collaboration between the two organisations stems from the Energy Resilience Leadership Group (ERLG), which focuses on enhancing Europe’s energy resilience. Led by Breakthrough Energy and Siemens Energy, ERLG brings together corporate CEOs, political leaders, financial institutions, and startups to bring emerging climate technologies to scale and deploy commercially viable projects.

Ramya Swaminathan, CEO of Malta, commented, “This MOU with BBVA represents a significant milestone in our efforts to deploy our first-of-a-kind energy storage technology. By integrating BBVA’s financial innovation with our advanced storage solutions, we aim to establish a viable model for future energy storage projects.”

Javier Rodríguez Soler, global head of sustainability and CIB at BBVA, added: “Our partnership with Malta is a ground-breaking step towards developing financing products that support pioneering energy storage projects. We are excited to collaborate with Malta and Breakthrough Energy to bring innovative energy solutions to the market. Sustainability is a story of innovation and for us, it is very important to identify and support the cleantech ecosystem, which is absolutely key to the decarbonization of the economy.”

Meanwhile, Ann Mettler, vice-president Europe, Breakthrough Energy, said: “This type of collaboration between Malta and BBVA is what we are working towards with the Energy Resilience Leadership Group. BBVA is opening the gates for deployment of Malta’s long-duration energy storage – technology that is crucial to build energy resilience in Iberia and Europe at large.”