China’s Hygreen to invest $2.2 billion in green hydrogen in Spain

Spain

SEVILLA, August 28, 2024 – Chinese electrolyser manufacturer Hygreen Energy will invest USD 2.2 billion in a green hydrogen plant in Spain, the company said on Wednesday.

Hygreen said the investment was part of a set of agreements, including one with Spanish water and electricity utility Coxabengoa for the development of green hydrogen technology in the southern region of Andalusia.

The two companies will develop hydrogen technologies and local production, as well as supply hydrogen production systems from their base in Andalusia.

The agreements will leverage Coxabengoa’s capabilities in production and integration of components and products and “enable Hygreen Energy to rapidly increase its industrial prowess within the European market as it repositions for global growth,” the company said.

Spain targets an installed capacity of 11 GW from electrolysers to produce green hydrogen by 2030.

In July, the country stepped up its already strong support for green hydrogen and renewables with a USD 2.5-billion funding package unveiled by Prime Minister Pedro Sanchez.

The funds will support renewable energies and the production of green hydrogen, as well as funding infrastructure for the transition to clean energy in villages and agricultural operations.