Acciona acquires 50% of Nordex H2 to develop green hydrogen plants

In order to develop green hydrogen plants all around the world, Acciona has teamed up with its German investment, Nordex. For 68 million euros, the business led by José Manuel Entrecanales purchased 50% of Nordex H2.

Corporación Eólica Catalana, owned equally by Acciona and Acciona Energía (via Acciona Generación Renovable), has done so. Nordex owns 50%, Acciona 25%, and Acciona Energía 25%.

The operation includes a four-year delayed payment of the agreed 68 million euros and the partners’ future contributions to meet the business plan’s capital needs. Nordex H2, a Navarra-based company founded a year ago, plans to develop a portfolio of green hydrogen generation projects in countries outside the Iberian Peninsula until it is ready to build.

Large alkaline electrolyzation operations in remote areas with high resources and capability produce green hydrogen cheaply for transformation and export, mostly to Europe. Chile or Morocco are targets.

Hence, Acciona recommits to green hydrogen. As a result of its cooperation with American Plug Power, it will establish its first plant in Spain in Navarra with a 25-megawatt capacity (MW). Nordex Electrolyzers, which manufactures, designs, develops, and markets electrolysis-based hydrogen production systems, was also founded in this region. It announced a 30 million-euro industrial plant investment with the regional government last week.

Capitalizing Nordex will bring Acciona’s shareholding above 47%. In a press conference to deliver Acciona and Acciona Energía’s results on Tuesday, its president, José Manuel Entrecanales, ruled any fresh movements in the German company’s capital and was confident about its business due to the market price-production cost adjustment.

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