The Spanish government on Tuesday approved to allocate EUR 74 million (USD 79.4m) of state aid to support four green hydrogen initiatives that secured the Important Projects of Common European Interest (IPCEI) status in July 2022.
The projects were proposed by companies H2B2, SENER, Nordex SE (ETR:NDX1) and IVECO and submitted to the EU-wide IPCEI Hy2Tech programme dedicated to supporting the hydrogen value chain in Europe.
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In July, the European Commission selected 41 projects from 15 countries, finding them “truly innovative” and eligible to receive public funding totalling EUR 5.4 billion.
The four Spain-based projects are expected to mobilise over EUR 245 million in investments, the Spanish government said. The awarded parties will realise the projects across the regions of Andalusia, the Basque Country, Navarre, Asturias, Castile and Leon, Catalonia and Madrid.
The government is targeting at least 4 GW of electrolysis capacity by 2030 under the national green hydrogen strategy. In early December 2022, Spanish news agency Europa Press reported that Spain’s hydrogen goals could go up with the mandatory revision of the National Integrated Energy and Climate Plan 2030 (NECP) to reflect the investor interest in the sector.
(EUR 1.0 = USD 1.073)