UK-based Renewco Power will develop green hydrogen projects throughout Spain as part of a Joint Venture (JV) with INDHO.
Indhyco will develop projects which are expected to have an emphasis on industrial consumption through efficient hydrogen production close to the source of consumption, enabled by renewable power generation.
The JV will combine Renewco’s renewable energy project expertise in Europe and the US with INDHO’s experience in the Spanish green hydrogen sector. Indhyco is aiming to develop 1GW of green hydrogen projects to the ‘ready to build’ stage within five years.
“With this new alliance, we will play an important role in addressing the urgent industrial decarbonisation demands through the development of green hydrogen projects,” explained Javier Salgado, Renewco’s Hydrogen Manager.
Since 2021, Renewco has developed a 5GW pipeline from 50 solar, wind, BESS and green hydrogen projects across the UK, Spain, Italy and the US.
Fernando Román, Director at INDHO, claimed that the Indhyco projects will enable access to both the industrial, and domestic sectors.
Ricardo Izquierdo, Director at INDHO, added, “Indhyco is equipped with all the necessary capabilities and is poised at a crucial moment to significantly contribute to achieving the ambitious goals and objectives set by the governments of Spain and the EU for the development of green hydrogen production plants.”
As part of its updated energy plans in 2023, Spain revealed goals to almost triple its green hydrogen production targets to 11GW by 2030. The updated Energy and Climate Plan also saw increased wind generation, PV solar generation and power storage capacity targets of 62GW, 76GW and 22GW, respectively.
Read more:Spain targets 11GW of electrolysis by 2030 in draft version of energy and climate plan
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