EIB and ICO sign green hydrogen loans with Iberdrola
The EIB, Instituto de Credito Oficial, and Spanish utility Iberdrola have signed a deal to support the decarbonisation of the economy by producing green hydrogen for industrial use.
Iberdrola will receive €53 million ($58.2 million) from the EIB and €35 million from ICO, with both loans being certified as green financing. The funds will be used to develop a 100MW photovoltaic plant, a 20MWh battery and a green hydrogen production plant in Puertollano, Castilla-La Mancha - one of the largest plants in Europe. This is both organisations’ first joint green financing to develop green hydrogen.
The fertiliser industry close to the plant will be able to use the green hydrogen to replace grey hydrogen made with natural gas. The new plant will generate around 160GWh of electricity a year, equivalent to the annual power use of 48,000 Spanish households. The electrolyser will be capable of producing 1,000 tonnes of green hydrogen per year.
