Plug Power Inc. and Acciona Energía have finalised the formation of their previously announced 50-50 joint-venture.
The new JV company, AccionaPlug, is headquartered in Madrid and will develop, operate, and maintain green hydrogen projects throughout Spain and Portugal. Alan Ripa, who previously worked as Chief Executive Supervisor at Acciona Energía Internacional, has been named CEO of AccionaPlug.
AccionaPlug plans to provide storage, transportation, and delivery services to its customers, initially targeting the industrial and mobility business segments. It expects its first plants to be online in 2023. The new venture aims for a substantial market share of the green hydrogen business in Spain and Portugal by 2030, with green hydrogen production reaching over 100 tonnes/day in the medium term.
The joint venture combines Plug Power’s PEM electrolyser technology and Acciona Energía’s expertise in developing renewable energy projects as a pioneer and the largest independent 100% renewable power retailer in Spain and Portugal.
AccionaPlug is already advancing on its ambitious goal of bringing green hydrogen to Spain and Portugal. It is developing several plants, including 15 tonnes/day green hydrogen production plants, serving industrial and emerging mobility sectors. Both countries will play a pivotal role in the European economy pathway to decarbonisation, benefiting from the highest levels of renewable resources.
Andy Marsh, CEO for Plug Power, said, “Working together as AccionaPlug, we will build a robust green hydrogen ecosystem that will help Europe deliver on its sustainability goals, positioning Spain and Portugal as leading global hydrogen hubs.”
Alan Ripa, CEO for AccionaPlug, “This partnership reflects the commitment of ACCIONA Energía and Plug Power in the fight against climate change.”