Iberdrola planning US$3.2bn green hydrogen investment

The EU’s climate policy chief Frans Timmermans (left) and Iberdrola chairman Ignacio Galán. Image: Iberdrola.

Spanish utility Iberdrola will invest €3 billion (US$3.2 billion) in green hydrogen, the company’s chairman, Ignacio Galán, has announced as he called for a stable European framework to boost investment in the technology.

The move forms part of Iberdrola’s efforts to accelerate the European Green Deal, which will see the European Union (EU) aim to achieve at least a 55% reduction in greenhouse gas emissions by 2030 and net zero by 2050.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Speaking at the World Economic Forum in Switzerland this week, Galán said green hydrogen is set to bring enormous industrial opportunities to energy uses that are difficult to electrify.

He said the energy transition is inevitable but “not yet fast enough. We need to accelerate the change, which requires strong political will.” Iberdrola didn’t specify the timeframe for its €3 billion investment.

Galán’s comments come after Iberdrola earlier this month inaugurated its Puertollano plant in central Spain, which combines 100MW of solar PV, a 20MWh lithium-ion battery system and a 20MW electrolytic hydrogen production system.

Involving an investment of €150 million, the plant will be able to produce up to 3,000 tonnes of renewable hydrogen per year, which will be used at a local ammonia plant.

Galán said earlier this week that coordinated EU action is essential to achieve green hydrogen production targets.

The European Commission’s REPowerEU strategy, published last week, proposes to increase the EU’s 2030 target to get 45% of all its energy from renewables, up from the previous 40% ambition.

The plan outlines a goal for the EU of having 10 million tonnes of domestic renewable hydrogen production and 10 million tonnes of imports by 2030, to replace natural gas, coal and oil in hard-to-decarbonise industries and transport sectors.

Iberdrola is one of seven founding members of the Green Hydrogen Catapult, a coalition of companies that is targeting the development of 45GW of renewables-based hydrogen production by 2026, up from an initial goal of 25GW.

Iberdrola subsidiary ScottishPower unveiled plans earlier this month for a series of green hydrogen projects in Scotland, the first of which is expected to be operational by 2024 and deliver up to 20 tonnes of green hydrogen per day.

Read Next

July 22, 2024
Soltec has launched 4x4, a new foundation option for its SFOne range of trackers that aims to improve the flexibility of the range.
July 19, 2024
The Energy Storage for Resilient Homes Act would allow residents of the two states to use funding from the Federal Emergency Management Agency (FEMA) to purchase residential BESS.
July 19, 2024
The US Department of Energy (DOE) has issued a loan of up to US$861.3 million to support 200MW of solar PV and 285MW/1,140MWh of battery energy storage system (BESS) projects in Puerto Rico.
July 18, 2024
US energy technology company Generac has been awarded a US$200 million grant from the Department of Energy (DOE) to deploy residential solar PV and energy storage systems in Puerto Rico.
July 16, 2024
US energy project developer Avangrid has begun to produce power from the 321MWdc/238MWac True North solar project in Falls County, Texas.
July 16, 2024
Spanish independent power producer BNZ has appointed renewables asset manager Exus Renewables as asset manager for a 350MW solar portfolio in Spain.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 31, 2024
1:00 PM (BST) / 2:00PM (CEST)
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia
Solar Media Events
October 8, 2024
San Francisco Bay Area, USA