Renewable

May 25 (Renewables Now) - Spanish utility Iberdrola SA (BME:IBE) will invest EUR 3 billion (USD 3.2bn) in green hydrogen to accelerate the European Green Deal, the company’s chairman Ignacio Galan has said at the World Economic Forum in Davos on Wednesday.

The European Green Deal, agreed in 2020, aims to reduce greenhouse gas emissions by 55% by 2030 and make Europe's climate natural by 2050.

According to Galan, green hydrogen is an opportunity for hard-to-electrify energy uses that cannot be missed but a stable regulatory framework is needed to attract investment as is the case with other green technologies. He said that coordinated EU action is key to achieving the bloc's ambitious hydrogen targets.

Galan added that members of the CEO Action Group for the European Green Deal are ready to work with policymakers to support Europe’s green transformation.

Iberdrola this month inaugurated its 20-MW green hydrogen plant in the industrial town of Puertollano, touted as Europe’s largest green hydrogen facility for industrial use. The project also includes a dedicated 100-MW solar farm and a lithium-ion battery system with a storage capacity of 20 MWh.

(EUR 1 = USD 1.066)

Join Renewables Now's free daily newsletter now!