Moeve will begin construction on its 2GW green hydrogen hub in Andalusia this summer after Spain’s plans to extend an energy windfall tax were scrapped, the oil and gas firm’s CEO has said.
Last week, Spain’s minority government failed to extend a 1.2% windfall tax on energy firms with revenues over €1bn ($1.04bn) after the proposal was rejected in parliament.
Moeve, which rebranded from Cepsa to position itself as “a leader in sustainable energy,” had been a vocal critic of the proposal, warning that it could slow its green hydrogen investments in Spain.
But the firm’s CEO Maarten Wetslaar told an event in Madrid today (January 29) that the company would begin construction of its 2GW green hydrogen hub in Andalusia “in a matter of months.”
The company earmarked €3bn ($3.12bn) to build the project, which will include two 1GW plants in Huelva and Cádiz in 2022.
“In a matter of months we intend to begin construction on what will be the largest renewable green hydrogen project in Europe,” Wetslaar said. “We’ll begin in Huelva.”
H2 View understands that construction on 400MW of electrolyser capacity is set to begin this summer, although Moeve has yet to take a final investment decision (FID).
Wetslaar noted that progress depends on public grants and regulatory clarity, including the removal of electricity grid tolls.
Hydrogen produced by the wider 2GW development is expected to supply industrial applications, with the likes of Fertiberia and GETEC signing up to offtake volumes.
Moeve’s announcement coincided with Spanish Prime Minister Pedro Sánchez confirming that a €1.3bn subsidy package for hydrogen hubs will be unveiled in the coming weeks.
Read more:Spain to launch €1.3bn hydrogen hub fund, earmarks €400m auction for EU shortfalls
