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roughly 30% of national generation capacity. The project aligns with Malawi’s Vision 2063 development strategy and the Malawi Energy Compact signed in January 2025 under the Mission 300 initiative, which targets electricity access for 300 million people in Africa by 2030. The programme is expected to support industrial, agricultural, and mining activity by improving supply reliability and reducing reliance on diesel generation. Malawi’s state-owned Electricity Generation Company will act as the executing agency. Implementation is scheduled to run from March 2026 to December 2030. The rehabilitation is also intended to
strengthen Malawi’s role in regional power markets. Planned outcomes include improved readiness for interconnection with the Southern Africa Power Pool via the Mozambique–Malawi interconnector, potential future linkage to the East Africa Power Pool through a proposed Malawi–Tanzania interconnector, coordination with planned 132kV and 400kV transmission backbone projects, and greater capacity to integrate new generation, including the planned 358MW Mpatamanga hydropower project.
Australia
Commonwealth greenlights exploratory works for Borumba pumped storage project Queensland Hydro has received Commonwealth regulatory approval to undertake exploratory works for the proposed Borumba pumped storage hydro project, marking a key step in the project’s development. Approval has been granted under the Commonwealth Environment Protection and Biodiversity Conservation Act (EPBC Act) and allows Queensland Hydro to carry out geotechnical investigations to confirm site conditions. Data collected will inform detailed design development and a revised business case for the project. Subject to state approvals, Queensland
Hydro plans to commence the next phase of the Borumba pumped storage project in 2026. Queensland Hydro continues to revise
the project’s business case and commercial assessment. The exploratory works are intended to reduce risk by providing early technical information prior to any decision on main works construction. Queensland Hydro Executive Chair Mark Irwin said long-duration pumped hydro would play a critical role in Queensland’s future energy system. “The Borumba Pumped Hydro Project is a critical component of Queensland’s future energy mix, and the Commonwealth regulatory approval is a significant step forward in its development,” Irwin said. “The proposed exploratory works will support the revised business case for the Borumba Project, with data collected able to support any future configuration.
“Delivering major infrastructure projects
requires meticulous planning to avoid unforeseen risks. One of the most effective strategies for achieving this is undertaking comprehensive exploratory works before finalising designs and commencing future main works construction activities. “If the Borumba Project proceeds to main works construction, this phase will require further Commonwealth and State approvals. “In addition, and aligned to our commitments
to local benefits, Queensland Hydro will be closely engaging with local suppliers and the community on the exploratory works program.” The Commonwealth approval follows a public consultation process conducted in early 2025. Submissions received during the consultation, along with Queensland Hydro’s responses, were considered as part of the assessment by the Department of Climate Change, Energy, the Environment and Water. The approval includes conditions specific
to the scope of the exploratory works. These include limits on disturbance, implementation of environmental management plans, land security and restoration in accordance with the Offset Area Management Plan, and additional compliance requirements. Some conditions must be met prior to the commencement of works, while others apply throughout the exploratory phase.
Argentina
IFC and Central Puerto drive key energy investments in Argentina The International Finance Corporation (IFC) and Argentina-based power producer Central Puerto SA are advancing major investments aimed at strengthening Argentina’s hydropower and power system infrastructure, with a focus on grid stability, flexibility, and renewable energy integration. IFC, a member of the World Bank Group, announced a US$300m financing package to support Central Puerto’s acquisition of a stake in the 1,440MW Piedra del Águila hydropower plant. The facility, located on the Limay River, is a core asset for Argentina’s national grid and was awarded in December 2025 as part of the government’s privatization process for hydropower assets on the river. The financing also supports the development of a 150MW battery energy storage system (BESS) known as Nuevo Puerto, part of the AlmaGBA project. The project is the largest utility-scale energy storage contract awarded in Argentina to date. The system is designed to improve grid operations by storing electricity during periods of low demand and supplying it during peak demand, reducing operational risks during summer and winter peak periods in the Greater Buenos Aires Area. “By promoting greater private sector participation, this project helps attract capital, strengthen the market, and create jobs, supporting sustainable economic growth.
These investments are key to supporting the reform and privatization processes that Argentina is advancing in the energy sector,” said Alfonso García Mora, IFC Vice President for Europe, Latin America, and the Caribbean. “This financing represents a strong endorsement of Central Puerto’s long- term strategy and our commitment to the development of Argentina’s power system. It will allow us to consolidate critical assets and incorporate innovative solutions, strengthening grid reliability and supporting the integration of renewable energy in line with the reforms being implemented by the country,” said Fernando Bonnet, CEO of Central Puerto. According to IFC, the investment aligns
with Argentina’s ongoing electricity market reforms and is expected to contribute to grid stability, lower system costs, and improved competitiveness by supporting private investment and mobilizing international capital at scale.
Spain EDP to add 3.2MW of hydropower to Rioseco dam in 2026 EDP has taken the final investment decision to construct a 3.2MW hydroelectric plant at the Rioseco dam in Sobrescobio, Asturias, marking the company’s latest addition to its regional hydropower portfolio. The €8m project has secured €4.2m in support from NextGenerationEU funds through Spain’s Institute for Energy Diversification and Saving (IDAE). The facility is scheduled to enter service in 2026 and is expected to deliver around 8GWh of electricity annually. The company also forecasts avoided emissions of approximately 1,000 tonnes of CO2
per year.
Although new, the plant will occupy a location included in the original design of the Rioseco dam, completed in the late 1970s. Existing conduits at the site will channel up to 20,000 litres of water per second from the reservoir to two 1.6MW cross-flow generating units. The reservoir currently operates as the lower basin for the Tanes pumped storage system, enabling the new plant to integrate into established water-management operations. EDP says project execution will follow strict safety and environmental procedures. “All work will be planned and executed in compliance with the highest safety standards, with continuous coordination, inspection, and monitoring to ensure there are no preventive and/or environmental impacts, strongly involving teams and partner companies.” Hydropower has been central to EDP’s activity in Asturias for more than a century, beginning with the La Malva plant in 1917. The company now operates 10 hydroelectric sites in the region with a combined installed capacity of 42 MW and an average annual output of 880GWh. The Rioseco installation will become the eleventh plant in this network once it enters operation in 2026.
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