The Diplomat
The European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) yesterday signed with Iberdrola the first joint financing for the development of a green hydrogen plant for a total amount of EUR 88 million, reports Europa Press.
A statement from the two banks said that the EIB will provide the Spanish energy company with EUR 53 million, while the ICO will grant a further EUR 35 million, both loans certified as green finance, for the development of a 100 megawatt (MW) photovoltaic plant, a 20 megawatt per hour (MWh) battery and a 20 MW green hydrogen production plant in Puertollano (Ciudad Real), one of the largest plants in Europe.
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 gigawatt hours (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.
The green hydrogen can be consumed by the fertiliser industry located near the plant, replacing grey hydrogen produced from natural gas. The project will also generate renewable electricity and green hydrogen.
