MASPV and Shanghai Shaanyao Group are structuring the acquisition and development of a portfolio of green hydrogen projects in Spain with a combined value exceeding €1 billion, signaling a shift from early-stage announcements toward capital-intensive delivery.
The collaboration, which also involves renewable energy company Eontsing, reflects a broader trend in Europe’s hydrogen market: Asian industrial players are increasingly targeting jurisdictions where permitting frameworks, renewable resources, and port infrastructure are sufficiently advanced to support near-term deployment. Spain, particularly Andalusia, has positioned itself at the front of that queue.
The alliance strengthened its industrial presence in southern Spain following a series of institutional and technical meetings held alongside the National Green Hydrogen Congress in Huelva. According to the companies, several projects in the portfolio have reached Ready to Build status, while others have already entered early implementation phases. That distinction matters in a European market where many hydrogen projects remain stalled at feasibility stage due to unresolved grid access, offtake uncertainty, or subsidy alignment.
The planned deployment timeline centers on 2026, a year that coincides with the expected ramp-up of Spain’s hydrogen support mechanisms and expanding demand from industrial clusters and ports. The projects are being developed primarily in Andalusia, a region that combines high solar irradiation, available land, and proximity to export infrastructure, including the Port of Huelva.
For MASPV, the partnership is part of a broader internationalization strategy that links domestic project development with foreign capital and industrial supply chains. Ángel Luis Serrano, global chief executive of MASPV, described green hydrogen as a strategic industrial opportunity for Spain and Europe, emphasizing the need to integrate project development, technology, and financing into a single execution platform. That integration has become increasingly critical as hydrogen economics remain sensitive to capital costs, electrolyzer pricing, and renewable power availability.
From the perspective of Roger Dejun, president of Shanghai Shaanyao Group, Spain offers a comparatively mature regulatory and institutional environment. While many European countries continue to revise hydrogen frameworks, Spain has moved faster on permitting clarity, industrial zoning, and regional support, making it more attractive for long-term capital deployment. Dejun’s visit to Spain included meetings with the Andalusian Regional Government and provincial authorities, highlighting the importance of local alignment in large-scale hydrogen developments.
The structure of the alliance reflects a pragmatic division of roles. MASPV contributes local market knowledge, permitting experience, and institutional relationships, while Shanghai Shaanyao brings industrial capabilities and balance-sheet strength. This model mirrors other cross-border hydrogen partnerships emerging across Europe, where domestic developers increasingly rely on external capital to bridge the gap between project pipelines and final investment decisions.
Despite Spain’s favorable conditions, risks remain. Power price volatility, grid congestion, and delayed offtake agreements continue to weigh on project bankability across Europe. Even projects that reach Ready to Build status face execution risk if hydrogen demand from industry does not materialize at the expected pace. The MASPV–Shanghai Shaanyao portfolio will therefore serve as a test of whether Spain’s hydrogen strategy can translate its strong development pipeline into operating assets.
