Investments in clean technologies in the Iberian Peninsula are reaching unprecedented levels in 2025. According to the Cleantech for Iberia report, the second quarter recorded €371 million in capital, almost double the amount in the first quarter, bringing the annual total to €557 million.
The analysis excludes traditional solar or wind projects, focusing instead on emerging and cutting-edge technologies. The signal is clear: Iberia is consolidating its position as a hub for green industrial innovation in Europe.
The largest investment flows were concentrated in green hydrogen and energy storage start-ups, with 1s1 Energy, GNE Ventures, BBVA and Hy24 standing out as key players in the funding rounds and coalitions that led cleantech financing in Iberia in the second quarter of 2025.
Nevertheless, in dialogue with Strategic Energy Europe, Bianca Dragomir, Director of the alliance, points out that there are structural bottlenecks that are creating uncertainty among investors looking ahead.
First and foremost, the electricity grid infrastructure. In Spain, over the past five years, more than 30 GW of industrial connection requests have been rejected due to a lack of distribution capacity.
“The main problem hindering the roll-out of all these projects, and therefore the reindustrialisation of the country, is the lack of capacity in the electricity grids,” warns Dragomir.
Cleantech for Iberia is advocating for the signing of a “Grid Pact”, a national plan to transform the current system into a flexible, dynamic and digitalised infrastructure, taking models from Sweden, the Netherlands and the United Kingdom as reference.
“When investment in distribution is delayed, it not only slows down renewables, it also prevents the activation of flexible demand and the catalysing of investments,” Dragomir stresses.
She also considers that the rejection of Royal Decree-Law 7/2025, which sought urgent measures to strengthen the grid and accelerate storage, sent a negative signal to international investors, as the text included steps to simplify procedures, ease connections and prioritise renewable integration.
Another measure that does not help those interested in this market was the regulatory proposal on grid remuneration launched by the CNMC, which, according to industry sources, “falls short”.
It proposes a return of 6.46% on invested capital between 2026 and 2031, far from the 7.5%-8% demanded by utilities.
“No one benefits from strategic projects being frustrated by the unavailability of grid access,” warns Dragomir, highlighting the impact on electricity customers and especially on industry.
The technical reports following the Iberian blackout in April 2025 reinforce the urgency of a deep modernisation of the system. Cleantech for Iberia summarised these conclusions in its study “No Green Deal without a Grid Deal”, warning that connection queues already far exceed available capacity and calling for a reform of the grid model: shifting from passive, oversized infrastructure to digitalised systems with active management and built-in flexibility.
The coalition itself launched a Taskforce on Grids in Madrid, aligning investment priorities and grid flexibility. The objective is clear: to provide certainty to investors and ensure that the Iberian cleantech decade is not stalled by an electricity bottleneck. “No one doubts that this is the moment. But without a grid up to the task, we will lose the opportunity to make Iberia a green industrial benchmark,” concludes Dragomir.
