Iberdrola and BP today announced their plan to form a strategic collaboration aiming to help accelerate the energy transition.
The companies intend to develop large scale green hydrogen production hubs in Spain, Portugal and the UK, as well as production of derivatives such as green ammonia and methanol, which could be exported to Northern Europe.
This collaboration will combine Iberdrola’s world-class track record in renewables development and its global customer base, with BP’s experience in gas processing, trading and its global customer portfolio, according to a press release.The companies aim to jointly develop advantaged hydrogen production hubs with total capacity of up to 600ktpa, integrated with new renewable power.
The green hydrogen project at bp’s Castellón refinery will be part of the agreement. The two companies, together with the Instituto Tecnológico de la Energía, have submitted the Castellón project to the Spanish government’s hydrogen value chain PERTE call.
Likewise, Iberdrola’s industrial hydrogen projects under development, as well as new projects, will be part of the agreement. Based on this collaboration in Spain, Portugal and the UK, Iberdrola and bp intend to explore potential future opportunities for green hydrogen production in other geographies.
Iberdrola and BP aim to finalize both joint venture agreements by end 2022, subject to regulatory approvals
The companies also intend to collaborate to significantly expand fast EV public charging infrastructure to support the adoption of electric vehicles.
Iberdrola and BP plan to form a joint venture that intends to invest up to €1 billion to roll-out a network of up to 11,000 rapid and ultra-fast EV public charge points across Spain and Portugal, significantly expanding access to charging for consumer and fleet customers thus accelerating electric mobility.
The plan includes installing and operating an initial 5,000 fast charge points by 2025, and up to a total of 11,000 by 2030, including Iberdrola’s existing fast charging hubs.
The companies are also looking at options to jointly serve EV customers in the UK.
