Spain to invest $2.5 billion in green hydrogen and renewables

Spain

PUERTOLLANO, July 17, 2024 – Spain has stepped up its already strong support for green hydrogen and renewables with a new $2.5-billion funding package unveiled by Prime Minister Pedro Sanchez on Wednesday.

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.

The news follows the government’s July 9 announcement of a USD 865.52-million funding initiative for green hydrogen projects with a minimum capacity of 652 MW. Around a third of those funds were allocated to Iberdrola for projects to develop 220 MW of electrolysis capacity in Puertollano, located between Toledo and Córdoba.

Spain targets an installed capacity of 11 GW from electrolysers by 2030.

As of end-2023, the country boasted a solar power capacity of around 256 GW and a wind power capacity of around 310 GW, according to the Energy Institute.

Image of Iberdrola’s Puertollano Green Hydrogen Plant, commissioned in 2022, courtesy of Iberdrola.