Acciona Energia, Plug Power create Iberian green hydrogen JV

US-based hydrogen fuel cell specialist Plug Power Inc (NASDAQ:PLUG) and Spanish renewables pure-player Acciona Energia (BME:ANE) said on Tuesday that they have formed a 50/50 joint venture (JV) aimed at developing and operating green hydrogen projects in Spain and Portugal.

The newly-incorporated business, AccionaPlug, is headquartered in Madrid and led by CEO Alan Ripa, who previously served as chief executive supervisor at Acciona Energia Internacional.

“Acciona Energia and Plug Power are putting together the capabilities needed to provide the market with reliable and competitive green hydrogen solutions,” Ripa said in a statement.

AccionaPlug expects to be able produce over 100 tonnes of green hydrogen per day in the medium term, benefiting from the combined strength of its founding partners -- Plug Power’s PEM electrolyser technology and Acciona Energia’s track record in the renewables development. The goal is to achieve a “substantial market share” of the green hydrogen business in Spain and Portugal by 2030.

The JV is currently working on developing several plants, among them facilities capable of producing 15 tonnes per day, the partners said.

AccionaPlug will be initially targeting the industrial and mobility sectors, with plans to provide storage, transportation and delivery services to its customers. Its hydrogen production plants would be co-located directly with industrial customers, but the JV will also seek to develop stand-alone facilities that produce hydrogen for regional distribution.

The first plants are expected to go online in 2023.

“Our two companies are kindred spirits and envision a decarbonized future. Working together as AccionaPlug, we will build a robust green hydrogen ecosystem that will help Europe deliver on its sustainability goals, positioning Spain and Portugal as leading global hydrogen hubs,” commented Plug Power CEO Andy Marsh.

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