Acciona announces green hydrogen joint venture for Spain and Portugal

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Acciona’s El Romero Solar plant in Chile. Image: Acciona.

A proposed joint venture (JV) between renewables firm Acciona and US hydrogen fuel cell maker Plug Power will invest more than €2 billion (US$2.41 billion) to develop a green hydrogen platform in Spain and Portugal.

The pair have signed a memorandum of understanding to form a Madrid-headquartered JV that is expected to launch by July 2021 and will aim to reach a 20% market share of the Iberian Peninsula’s green hydrogen sector by 2030.

With Acciona providing clean electricity and Plug Power supplying electroliser technology, the companies said they have “complementary strengths” to create the platform.

The parties expect the JV to develop, operate and maintain green hydrogen projects, serving demand in Spain and Portugal. It will also provide storage, transportation and delivery services to customers, initially targeting the industrial and the mobility segments.

Plug Power CEO Andy Marsh said the JV marks an “important milestone” to establish the company’s presence in Europe’s hydrogen economy. “As we pursue our goal to produce 1,000 tons of green hydrogen on a global basis by 2028, we are thrilled to partner with Acciona to build the robust, cost-efficient green hydrogen ecosystem chain envisioned by the EU’s hydrogen roadmap.”

The news comes as the EU and European state governments increase their support for renewables-powered H2 as production costs fall. Published last year, the EU’s hydrogen strategy supports the installation of at least 6GW of renewable hydrogen electrolysers by 2024.

Spain, meanwhile, is set to play a leading role after its government unveiled its own hydrogen roadmap that targets 4GW of installed electrolysis capacity by 2030. Recent months have seen Spanish companies such as Endesa, Naturgy and Enagás make green hydrogen announcements, while Iberdrola has set up a business unit dedicated to the technology.

Naturgy and Enagás are also among the 30 members of a new coalition of European energy players that together aim to reach 95GW of solar and 67GW of electrolysis capacity by 2030 to deliver 3.6 million tonnes of green hydrogen per year. The HyDeal Ambition will target the delivery of green hydrogen across Europe at €1.5/kg (US$1.82) before 2030.

Read Next

May 24, 2022
Spanish renewables developer Grenergy is looking to expand its presence in Europe in five new markets in the wake of the continent's REPowerEU plan.
May 19, 2022
Additional subsidies to support the production of green hydrogen are being requested by industry players looking to set up bankable H2 projects, it was suggested during a panel discussion.
May 18, 2022
Powering electrolysers with renewables generation that would otherwise be curtailed could be an effective strategy for producing green hydrogen in the coming years until the H2 sector benefits from further cost declines, it was suggested during a panel discussion.
May 17, 2022
Europe has established a leading position across the green hydrogen value chain but now must accelerate investments to build out infrastructure while committing green hydrogen targets to legislation.
May 9, 2022
Russia’s invasion of Ukraine was blamed for a collapse in Q1 earnings recorded by independent power producer (IPP) Scatec.
May 6, 2022
German renewables company BayWa r.e. will tender 10TWh of green electricity later this year, describing the move as a “turning point” for Europe’s power purchase agreement (PPA) market.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA