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Iberdrola signs the first ICO loan for green hydrogen technology

Iberdrola signs the first ICO loan for green hydrogen technology

Iberdrola (a Spanish multinational electric utility company) today (26th July) has signed the first loan from the Instituto de Credito Oficial (ICO) (a Spanish lending institution) for green hydrogen technology.

Iberdrola will use the € 6 million loan for developing the first public hydrogeneration plant in Spain to supply renewable hydrogen to the urban bus fleet of the Transports Metropolitans de Barcelona (TMB). In addition to the loan, European Union’s Connecting Europe Facility (CEF) initiative will also award a grant of €3.7 million to the project.

The operation is within the framework of the Connecting Europe Facility initiative of the European Union, where the ICO acts as an accredited entity for the channelling of projects of Spanish companies that support the environment by increasing efficiency in transport.

The hydrogeneration plant will be built on a 5,000 m² plot in the industrial estate of the Zona Franca of Barcelona. Iberdrola and TMB also agreed on a ten years contract for the green hydrogen supply service, which could be expanded in the future to meet the demand of other public or private fleets in the area.

This is the 5th financing agreement signed between Iberdrola and the ICO to promote a carbon-free economy and strengthen its collaboration in sustainable mobility, following the operation signed in 2020 for the deployment of charging points on public roads in Spain and Portugal.

Currently, the company is building in Puertollano (Ciudad Real), the largest green hydrogen plant in Europe, which will allow the start of the decarbonisation of fertiberia’s fertiliser manufacturing process. It also partnered with Cummins to build a large electrolyser factory in Castilla-La Mancha.

Iberdrola also partnered developing green hydrogen projects with companies such as Fertiberia, Porcelanosa, Bp, Enagás and Foresa in UK, Brazil and the US and has presented 53 projects related to green hydrogen.

 

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