Acciona Energia, Plug Power JV gets boost for green H2 project in Spain

A proposed 20-MW green hydrogen plant developed by a joint venture (JV) between Spanish renewables company Acciona Energia (BME:ANE) and US hydrogen fuel cells specialist Plug Power Inc (NASDAQ:PLUG) has been declared as a strategic industrial project for the region of Galicia, northwestern Spain.

The Galicia regional government passed a resolution on Monday, agreeing to grant the strategic project designation to the Arteixo H2V green hydrogen development promoted by AccionaPlug SL.

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The EUR-49.3-million (USD 54.5m) project will be constructed at a business estate in the municipality of Arteixo. There, Acciona Energia and Plug Power will install four 5-MW electrolysers and auxiliary equipment to produce, store and distribute green hydrogen, according to the regional government, which expects the project to create 25 direct jobs.

The Arteixo plant will be 100% powered by renewable energy and will produce around 3,000 tonnes of green hydrogen annually.

AccionaPlug’s proposal meets the criteria to be declared as the strategic industrial project as the investment in the future plant exceeds the EUR-20-million threshold. Additionally, the Arteixo H2V project complements value chains of strategic sectors and is aligned with the EU agenda in this regard.

The special status will allow the project to move faster through certain permitting procedures, the Galician regional government said.

Acciona Energia and Plug Power set up AccionaPlug, their 50/50 JV, in late 2021, targeting green hydrogen opportunities in Spain and Portugal. The JV also has a 25-MW electrolysis project under development in the Spanish region of Navarre.

(EUR 1.0 = USD 1.106)