Strategic Investment Projects 2026: preferential grid access and accelerated processing

Key data

Companies with large industrial projects in Spain have had, since 17 September 2026, a formal mechanism to obtain priority access to critical infrastructure and streamline their permits. The Royal Decree 731/2026 creates the Strategic Investment Committee, an inter-ministerial body attached to the Office of Economic Affairs of the Presidency, which will evaluate and declare which projects deserve the status of Strategic Investment Project (PEI).

This figure already exists in France and the United Kingdom, and responds to the requirements of European regulations on critical raw materials and zero-emission technologies. Spain thus aligns itself with its main partners in the race to attract high-value industrial investment.

What does this regulation establish?

Royal Decree 731/2026 articulates three main elements: the evaluating body, the priority sectors and the declaration procedure.

Priority sectors for PEI declaration

The regulation expressly lists the sectors in which a project can aspire to strategic declaration:

• Energy transition
• Semiconductors
• Digitalization
• Electric vehicles
• Biotechnology
• Agri-food
• Aerospace

Benefits of PEI declaration

• Preferential access to the electricity grid and other scarce public resources
• Enhanced legal certainty during project development
• Administrative streamlining: accelerated processing of licenses and authorizations

Declaration procedure

Royal Decree 731/2026 contemplates two phases of declaration:

Express exclusions

Operations of a purely financial nature are expressly excluded:

• Share trading
• Corporate restructuring

Economic and operational impact

The economic value of PEI declaration is not measured in direct subsidies, but in competitive advantages of access and time:

• Preferential access to the electricity grid: in a context of saturation of connection points, obtaining priority can mean the difference between executing an industrial project in 2 years or in 5. For semiconductor plants, battery factories or hydrogen electrolyzers, the opportunity cost of a delay in electrical connection can amount to tens of millions of euros.
• Accelerated processing: the reduction of administrative deadlines reduces uncertainty and the financial cost of projects with capital-intensive investments.
• Legal certainty: the binding commitments of the final declaration protect the investor against regulatory changes that occur during project execution.
• Binding commitments for the beneficiary: the final declaration implies obligations that the promoter must fulfill; non-compliance could lead to revocation of status and loss of associated benefits.

The model follows the pattern of France and the United Kingdom, where equivalent figures have been decisive in attracting battery gigafactories and semiconductor plants against competition from other countries.

Who does it affect?

• Industrial companies with investment projects in the seven priority sectors
• Public-private partnerships that develop infrastructure or production facilities in Spain
• Foreign investors evaluating Spain as a destination for semiconductor plants, electric vehicles or renewable energy
• CFOs and business development directors of industrial groups managing financing and timelines for large projects
• Advisors and consultants accompanying companies in obtaining permits and access to infrastructure
• Agri-food and biotechnology companies with facility expansion or modernization projects
• Aerospace companies with manufacturing or R&D projects in Spain

Does not affect share trading operations or corporate restructuring, even if the underlying project belongs to a priority sector.

Practical example

A company in the electric vehicle sector plans to build a battery gigafactory in Spain. Its main bottleneck is connection to the high-voltage electricity grid: without a guaranteed access point, it cannot close project financing.

With Royal Decree 731/2026, this company can request from the Strategic Investment Committee the preliminary declaration of PEI. If the Committee evaluates the project positively, the company obtains priority in accessing the electricity grid ahead of other applicants, allowing it to close the electricity supply contract and unlock financing. Subsequently, the final declaration formalizes binding commitments (execution timelines, employment generated, etc.) in exchange for maintaining all benefits of strategic status.

The same scheme applies to a semiconductor company that needs priority access to industrial land or a biotechnology company that requires streamlined environmental and health licensing.

What should companies do now?

1. Verify if the project fits into priority sectors: energy transition, semiconductors, digitalization, electric vehicles, biotechnology, agri-food or aerospace. If the project does not belong to any of these sectors, the PEI route is not available.
2. Review that the project is not a pure financial operation: share trading and corporate restructuring are expressly excluded, even if the underlying sector is priority.
3. Prepare documentation for preliminary declaration: identify the criteria that the Committee will evaluate (economic impact, employment, alignment with European regulations on critical raw materials and zero-emission technologies) and structure the file accordingly.
4. Evaluate binding commitments of final declaration: before requesting final declaration, the legal and financial team must analyze the obligations to be assumed and their impact on the business plan.
5. Monitor regulatory development: Royal Decree 731/2026 establishes the general framework; it is foreseeable that the Committee will publish specific criteria and forms in the coming months. Staying up to date is key to not missing the application window.

Official source

Consult complete regulation in official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-19327