Green finance from the EU Bank and the ICO is assisting Iberdrola in the construction of a large-scale green hydrogen generation plant, one of Europe’s largest for industrial usage.
The facility, which will be built in Puertollano, Castilla la Mancha, will have a 20-megawatt capacity and will be powered by a 100-megawatt solar plant with a battery storage system.
The goal of the agreement announced by the European Investment Bank (EIB), the Institute of Official Credit (ICO), and Iberdrola is to support the decarbonization of the economy through the production of green hydrogen for industrial use, thereby contributing to the security of energy supply in the European Union (EU). The EU bank will fund 53 million euros and the ICO will provide 35 million euros for the building of a 100 MW solar plant, a 20 MWh battery, and a 20 MW green hydrogen production facility in Puertollano (Ciudad Real), Castilla-La Mancha, one of Europe’s largest plants. It is the first time the two organizations have collaborated on green funding for the development of green hydrogen.
The fertilizer company, which is located near the plant, may use the green hydrogen to replace the gray hydrogen generated by natural gas.
The initiative will create green hydrogen and sustainable power. It helps to the sustained recovery of the economy and the development of jobs in Castilla-La Mancha, n.d., thanks to these technologies. During the implementation phase, it is expected that over 300 jobs will be generated, and the new solar plant will contribute to the generation of around 160 GWh of power per year, which is comparable to the annual energy consumption of 48,000 Spanish residences. Each year, the electrolyzer will be able to create 1,000 tons of green hydrogen.
