Iberdrola secures EUR88m car loan for PV-hydrogen project

• EIB as well as ICO funds will be utilized to create a 100MW solar, 20MWh battery and also electrolyser initiative in Spain

The European Investment Bank (EIB), Instituto de Credito Oficial (ICO) have agreed to offer EUR88m to finance a green hydrogen project that Iberdrola is establishing in Spain.

The funds will be made use of to develop a 100MW photovoltaic plant, a 20 megawatt-hour battery and also an electrolysis facility in Puertollano, Castilla-La Mancha.

It will certainly be just one of the largest plants of its kind in Europe when built.

EIB is offering EUR53m and ICO EUR35m to Iberdrola's project with both financings being licensed as green funding.

The fertiliser industry near to the plant will certainly be able to use the green hydrogen to replace grey hydrogen made with natural gas.

An estimated 300 jobs will certainly be produced in Castilla-La Mancha throughout the application phase. The electrolyser will can creating 1000 tonnes of green hydrogen per year.

During the signing event, Iberdrola chief executive Ignacio Galan (pictured) stated: "With this brand-new agreement, we remain to make progress in green hydrogen, which is vital for fields that are challenging to energize.

" Thanks to the fact that this energy vector produces sector as well as jobs in our country, it has actually been determined as one of the receivers of the Future generation EU, which is important to accelerate its technological development and turn it right into a mass energy service."