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It appears from that article that the GP would be held from 2027 which is when Barcelona's contract ends, although the promoter does say that Spain could hold two races if possible, quoting both the USA and Italy having more than one.
I fear that this is yet another Spanish vanity project which they have a habit of creating, just like the very short lived Valencian race, the proposed "Disney" theme park that never came to be but which led to a new international style airport that has been built to cater for all the tourists that might have visited. As it is, it is only just catering for one or two more flights a day than the airport it replaced and will probably not do much better in the future.
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