EIB and ICO Sign 1st Joint Financing for Green Hydrogen Development with Iberdrola

Source: www.gulfoilandgas.com 4/4/2022, Location: Europe

- Green financing from the EU Bank and ICO helps Iberdrola to build a large-scale green hydrogen production plant, which is one of the largest for industrial use in Europe.
- The plant, which is located in Puertollano, Castilla la Mancha, will have a capacity of 20 MW and will be supplied by a 100 MW photovoltaic plant, supported by a battery storage system.
- The project will contribute to boosting the EU's security of energy supply, the fight against climate change and social cohesion.

Supporting the decarbonization of the economy through the production of green hydrogen for industrial use and thus contributing to the security of energy supply in the European Union (EU) is the objective of the agreement announced today by the European Investment Bank (EIB), the Official Credit Institute (ICO) and Iberdrola. To this end, the EU bank will provide the Spanish energy company with EUR 53 million and the ICO will provide EUR 35 million, both loans certified as green finance, for the development of a 100 MW photovoltaic plant, a 20 MWh battery and a 20 MW green hydrogen production plant in Puertollano (Ciudad Real), Castilla-La Mancha, one of the largest plants in Europe. This is the first joint green financing by the two organisations for the development of green hydrogen.

The green hydrogen can be consumed by the fertilizer industry located near the plant, replacing the grey hydrogen produced from natural gas.

The project will generate renewable electricity and green hydrogen. These technologies will contribute to the sustainable recovery of the economy and job creation in Castilla-La Mancha, n. It is estimated that around 300 jobs will be created during the implementation phase and that the new photovoltaic plant will contribute to generating around 160 GWh of electricity per year, equivalent to the annual energy consumption of 48,000 Spanish households. The electrolyser will be able to produce 1,000 tonnes of green hydrogen per year.

EIB Vice-President Ricardo Mourinho Félix said: "As the EU's climate bank, the EIB continues to support the building of sustainable infrastructure in Europe to foster the transition to zero net emissions. At this time, especially given the high energy and gas prices in Europe, we at the EIB strongly believe that hydrogen has the potential to play an important role in boosting Europe's energy supply security".

For his part, the president of ICO, José Carlos García de Quevedo, stressed that this new operation "is part of the actions carried out by ICO in the deployment of its Sustainability Policy, promoting public-private partnership projects that generate positive impact from both a social and environmental point of view. The green hydrogen plant built in Puertollano undoubtedly meets these two objectives, as it will contribute to generating employment in the region and boosting the ecological transition, one of the strategic objectives of the Recovery, Transformation and Resilience Plan".

Iberdrola's Chairman, Ignacio Galán, explained during the signing ceremony that "with this new agreement, we continue to make progress in green hydrogen, which is essential in sectors that are difficult to electrify. Thanks to the fact that this energy vector creates industry and jobs in our country, it has been identified as one of the recipients of the Next Generation EU, which is essential to accelerate its technological development and turn it into a mass energy solution". The financing signed with the EIB and ICO is also in line with "Iberdrola's commitment to a sustainable energy model that will enable it to continue leading the transition to a low-carbon economy", said Galán.

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