Applications are now open for the spring startup acceleration cycle at Plug and Play Accelerator Valencia. As its name suggests, the program will take place in Valencia, Spain, and will last 3 to 4 months.

As you may remember, Silicon Valley-based Plug and Play Tech Centerannounced last June that it was expanding into Spain, where its first batch of startups have recently celebrated their first Expo Day.

While its graduates already include Wayra Argentina’s alum Quolaw, Plug and Play wants to seek Latin American applications more actively in 2013.

Shortlisted Spanish and Latin American startups will receive €5,000 ($6,500) upon joining the program to cover their team’s travel and accommodation expenses. Plug and Play will also provide them with acceleration services worth €15,000 ($19,600) and partner services worth €200,000 ($262,000), while integrating them into its network.

In return, it will take a 5% equity stake of each company. In addition, Plug and Play and its investor network will have the option to invest up to €40,000 ($52,300) in each project for up to an extra equity stake of up to 10% following Expo Day next June.

It’s worth noting that the program doesn’t stop entirely after Expo Day, as the startups will compete for a chance to continue the acceleration program with Plug and Play in Silicon Valley.

Applications will remain open until January 21 unless 300 projects have been submitted before that date. Plug and Play will then invite 20 finalist projects to make a presentation in Valencia before a review committee, who will be responsible for selecting the 10 startups that will join the program.