By Letara Draghia
Copyright euroweeklynews
€13.6bn plan for 2030
SPAIN has announced a €13.59 billion investment plan to expand its electricity grid by 2030, aiming to meet surging demand from industry, green hydrogen and data centres.
The plan, presented in Madrid on September 13, represents a sharp rise from the €8.2 billion allocated in 2021–2026. It comes as 83.4 per cent of distribution nodes are already saturated, according to the Ministry for the Ecological Transition (Renewables Now).
The package includes €3.6 billion for transmission, €7.7 billion for distribution, and €1.52 billion for EU interconnections. At least 10 per cent will fund system security such as voltage monitoring.
Third Vice President Sara Aagesen said the extra spending “does not entail increases in consumers’ bills” because costs will be shared among stakeholders (ESS News).
The grid will connect 27.7 GW of extra capacity, nearly 14 times higher than first forecast. This includes 13.1 GW for green hydrogen, 9 GW for industry, 3.8 GW for data centres, and 1.2 GW for ports.
Spain has also received requests for 150 GW of solar, 60 GW of wind and 100 GW of storage, far above current climate targets.
Energy Secretary Joan Groizard called the plan “a significant modernisation of our electrical system.”
Public consultation runs until October 6.
1,800 UK jobs
THE UK government confirmed over £1.25 billion of investment from US finance giants, creating 1,800 jobs across London, Edinburgh, Belfast and Manchester ahead of a US Presidential State Visit.
Bank of America will launch in Northern Ireland, bringing up to 1,000 jobs in Belfast. Citi is committing £1.1 billion across its UK operations, while BlackRock is expanding in Edinburgh, and S&P Global is investing over £4 million in Manchester to support 200 jobs. PayPal has pledged £150 million for product innovations.
Business Secretary Peter Kyle called the move proof the UK is “the world’s leading investment destination” (Gov.uk). Chancellor Rachel Reeves added, “These investments will create thousands of high-skilled jobs from Belfast to Edinburgh.”
Ministers hailed the wave of deals as a vote of confidence in Britain’s financial services, though some may question if the benefits will reach beyond the cities.
Stablecoin caps
The Bank of England is proposing limits on stablecoin ownership of £10,000–£20,000 for individuals and £10 million for businesses, far stricter than rules in the US or EU.
Critics warn the plan would damage UK competitiveness. Tom Duff Gordon of Coinbase said: “Imposing caps on stablecoins is bad for UK savers, bad for the City, and bad for sterling.” The BoE insists caps could be “transitional” as the market grows.
Urban Outfitters
URBAN OUTFITTERS is expanding in Spain with a new 1,000 m² flagship store in Valencia’s Town Hall Square, its fourth in Spain and first in the Valencian Community (FashionUnited).
The site, formerly the Valencia C.F. store, spans two floors in a prime tourist area set for redevelopment. The move highlights Valencia’s rising status as a fashion hub and comes as Urban Outfitters posts strong results, with $2.83 billon (€2.6bn) sales and $252 million (€232m) profit in H1 2025.
Space projects
THE UK Space Agency has awarded £1.5 million to six projects using satellite technology and AI to tackle climate change, decarbonise transport and improve accessibility (Gov.uk).
Winners include Ether Capital, developing a carbon risk dashboard for shipping, Furrer+Frey, creating satellite-powered rail electrification tools, and MakeSense Technology, mapping walking routes for visually impaired people.
Other projects from Howden, Rebalance Earth, and Foresight Group focus on biodiversity, reforestation and green finance. Ministers said the programme strengthens Britain’s role in sustainable innovation.
Padel tourism
TURESPAÑA showcased Spain’s padel tourism potential at the “Padel Insights” event on September 12 at Roland Garros, during the Alpine Paris Major Premier Padel tournament (FTN News).
Over 50 tourism and media professionals attended, with input from Turismo Andaluz and Turisme de Catalunya. Officials stressed padel’s role in reducing seasonality and attracting French visitors.
The FFT’s Gilles Moretton noted France now counts 150,000 padel players, up 20 per cent year-on-year, underlining the sport’s rapid growth.
XII Solar Forum
THE 12th Solar Forum, Spain’s leading photovoltaic event, will take place on October 15–16 at Madrid’s Marriott Auditorium Hotel (UNEF).
Organised by the Spanish Photovoltaic Union (UNEF), the forum will feature 17 round tables and keynote speeches on the future of photovoltaics, self-consumption, storage, and reindustrialisation.
Confirmed speakers include Alberto Nadal, Deputy Secretary for the Economy of the Partido Popular, who will present the opposition’s energy model.
Last year, over 1,200 professionals from a dozen countries attended, consolidating the forum’s reputation as a key platform for Spain’s energy transition.
Digi and Rothschild
TELECOMS group Digi has begun preparations with Rothschild for the planned IPO of its Spanish subsidiary, valued at €2.5 billion (The Corner).
The Romanian operator, which already covers 12 million households in Spain, aims to expand to 20 million within three years. To fund this growth, Digi intends to float a minority stake on the stock market, with the IPO expected in 2026.
The company has grown rapidly in recent years, challenging established players in Spain’s telecoms sector with aggressive pricing and nationwide fibre expansion.
Instant payments
BBVA has expanded its instant payments service to include inbound cross-border transfers from outside the eurozone. The move allows financial institutions worldwide to send money to Spain within seconds, 24/7 and year-round, via Iberpay’s new One-Leg Out Instant Credit Transfer (OCT Inst) rail.
UK Prime Minister Keir Starmer has paused efforts for a zero per cent US tariff on British steel, instead favouring a “permanent” 25 per cent rate. Officials argue this provides certainty and a competitive edge over countries facing 50 per cent tariffs.
Bally’s Interactive
PUSH GAMING has strengthened its Spanish market presence by launching its slot portfolio with Bally’s Interactive. Titles like ‘Jammin’ Jars’ and ‘Wild Swarm’ are now live, supporting the studio’s European growth strategy after Spain’s iGaming market hit €1.45 billion GGR in 2024.
€15 million raised
HIGHLIGHT THERAPEUTICS, a cancer treatment startup based in Valencia, has raised €15 million, led by Buenavista Equity Partners, to advance its immunotherapy targeting skin tumours. Currently in Phase 2b trials for basal cell carcinoma, the funding will accelerate clinical development.
National Express
NATIONAL EXPRESS has named Javier Martinez Prieto as managing director ahead of its 2026 integration with Spanish counterpart Alsa. With over 30 years’ experience at Alsa, Prieto will drive strategic growth as the two operators form a pan-European coach powerhouse.
€700m deal cancelled
SPAIN has cancelled a €700 million contract for Israeli-made rocket launchers, the second major arms deal with Israel scrapped in a month, in a move Prime Minister Pedro Sánchez says is part of efforts to halt Israel’s offensive in Gaza.
According to Le Monde, the cancellation was formalised on Spain’s official public contracts platform on September 9, involving 12 SILAM rocket launcher systems based on the PULS platform by Israeli firm Elbit Systems. The deal, signed in October 2023, included co-production with Spanish firms Escribano and Expal, the latter now owned by German defence giant Rheinmetall.
Haaretz reported that Spain’s Ministry of Defence terminated the deal with Elbit Systems for SILAM rocket artillery, which would have included 12 mobile launch platforms, radar systems, drones, armoured support, and evacuation vehicles.
A separate contract worth €287 million for 168 anti-tank missile launchers, licensed from Israeli firm Rafael Advanced Defense Systems, has also been cancelled, according to Le Monde. This followed an earlier cancellation of a €237 million Spike missile contract.
Sánchez recently pledged to enshrine in law a ban on all arms trade with Israel, telling reporters his government would “consolidate in law” the suspension of military equipment sales and purchases. He also called for Israel’s exclusion from international sport.
Destination Britain
AT Destination Britain – the Americas in Mexico, 53 UK suppliers met nearly 50 buyers from the US, Canada and Brazil (Travel Market Report).
Visit Britain CEO Patricia Yates said US visitors are crucial, forecasting 5.5m arrivals in 2025 spending £7.2bn, while stressing the need to expand tourism beyond London.
Sandwich tourism
RISING restaurant costs are fuelling “sandwich tourism” in Spain, with visitors in Barcelona, Madrid, and Mallorca increasingly buying supermarket food instead of dining out (Travel and Tour World).
Supermarkets like Mercadona and Carrefour now serve as go-to stops for affordable ready-to-eat snacks.
InoBat factory
SPAIN’S Ministry of Industry and Tourism has awarded Slovakian battery maker InoBat €54 million, plus a €456,000 loan, to build a gigafactory in Valladolid (Gob.es).
The project involves a €712 million investment, expected to create 260 direct jobs and 500 indirect roles. Production is due to reach 32 GWh by 2027, with full capacity planned by 2029 (Battery News).
Funding comes through the third round of PERTE VEC, which has so far channelled €2.5 billion to 300 companies, including PowerCo, Stellantis and Renault. The government says the programme underlines its commitment to green reindustrialisation and quality job creation.
Acquiring Claire’s
MODELLA CAPTIAL, the investor behind WH Smith’s high street buyout, is in pole position to purchase Claire’s UK chain after agreeing an outline deal with US owner Ames Watson. Claire’s, with 278 UK stores and 2,100 staff, collapsed into insolvency last month.
BARCELONA will ban ride-hailing apps like Uber, Cabify, and Bolt under a new Catalan transport law. Around 600 VTC licenses will be phased out, leaving taxis as the city’s primary service. The measure takes full effect by late 2026.
Statistic of the week
Foreign workers in Spain now account for 14 per cent of total jobholders registered in the social security system.
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