BP and Iberdrola Inject 900,000 Euros Into Their Joint Venture That Promotes the Green Hydrogen Plant

Wedoany.com Report-Dec 03, CASTELLÓ. Bp and Iberdrola have just injected 900,000 euros into Castellón Green Hydrogen SL , the joint venture created for the development of the first green hydrogen project undertaken by both companies. Both companies signed the agreement last July that kicked off this project, a milestone that was staged in September with a public event at the facilities of the Serrallo industrial estate. With this capital increase, Castellón Green Hydrogen now has 1.2 million euros to take the first steps of this project.

The strategic alliance between the two multinationals includes the construction of a 25 MW green hydrogen project at the bp refinery in Castelló , which is expected to be operational in the second half of 2026. The works involve an investment of 70 million , of which 15 correspond to the Next Generation funds of the European Union, and the creation of up to 500 jobs is expected. This is the first action for the global green hydrogen ‘ hub ‘ project, which involves an investment of 2 billion.

The Castellón Green Hydrogen company was created in December 2023. The new company, they explained at the time, represented “a first step in the transformation of the refinery into an integrated energy hub”. In June 2024, almost two months before the ‘final investment decision’, Bp and Iberdrola made an initial injection of 300,000 euros. Now, with the 900,000 euros, the joint venture has a capital of more than 1.2 million.

As explained by Iberdrola, this new expansion is being done to be able to cope with the development of the project and they announce that contributions will be made periodically as the project progresses. “This is a real project that is underway,” they indicate.

The 25 MW green hydrogen plant has the participation of the Instituto Tecnológico de la Energía (ITE) and has obtained funding of 15 million euros from the aid programs for the Innovative Value Chain and Knowledge in Renewable Hydrogen of the Spanish Recovery, Transformation and Resilience Plan, with funds allocated by NextGenerationEU of the European Union.

CASTELLÓ. Bp and Iberdrola have just injected 900,000 euros into Castellón Green Hydrogen SL , the joint venture created for the development of the first green hydrogen project undertaken by both companies. Both companies signed the agreement last July that kicked off this project, a milestone that was staged in September with a public event at the facilities of the Serrallo industrial estate. With this capital increase, Castellón Green Hydrogen now has 1.2 million euros to take the first steps of this project.

The strategic alliance between the two multinationals includes the construction of a 25 MW green hydrogen project at the bp refinery in Castelló , which is expected to be operational in the second half of 2026. The works involve an investment of 70 million , of which 15 correspond to the Next Generation funds of the European Union, and the creation of up to 500 jobs is expected. This is the first action for the global green hydrogen ‘ hub ‘ project, which involves an investment of 2 billion.

The Castellón Green Hydrogen company was created in December 2023. The new company, they explained at the time, represented “a first step in the transformation of the refinery into an integrated energy hub”. In June 2024, almost two months before the ‘final investment decision’, Bp and Iberdrola made an initial injection of 300,000 euros. Now, with the 900,000 euros, the joint venture has a capital of more than 1.2 million.

As explained by Iberdrola, this new expansion is being done to be able to cope with the development of the project and they announce that contributions will be made periodically as the project progresses. “This is a real project that is underway,” they indicate.

The 25 MW green hydrogen plant has the participation of the Instituto Tecnológico de la Energía (ITE) and has obtained funding of 15 million euros from the aid programs for the Innovative Value Chain and Knowledge in Renewable Hydrogen of the Spanish Recovery, Transformation and Resilience Plan, with funds allocated by NextGenerationEU of the European Union.

For this project, Bp has already requested a water concession from the Júcar Hydrographic Confederation (CHJ) of 8,000 million litres of water per year (8 hm3 /year) necessary to launch the first phase of the project. The company has opted for reused water to boost the start-up of the green hydrogen hub in Castelló, as it has applied for the use of regenerated water from the Wastewater Treatment Plant (WWTP) in the capital of La Plana.

The electrolyser planned for this first phase, with a capacity of 25 MW, will be powered by renewable electricity from Iberdrola, which will supply 200 GWh per year from photovoltaic and wind projects. This plant will produce 2,800 tonnes of green hydrogen per year and will contribute to decarbonising some of the refinery’s operations, avoiding the emission of 23,000 tonnes of CO2 per year.