Plug Power, Acciona to pour billions into new Iberian green hydrogen JV

February 16 (Renewables Now) - Spanish renewable energy group Acciona SA (BME:ANA) and US fuel-cell systems developer Plug Power Inc (NASDAQ:PLUG) have signed a memorandum of understanding (MoU) with the aim of establishing a 50-50 green hydrogen-focused joint venture (JV) in Spain.

The partners set a target for their new business to carve out a 20% market share in Spain and Portugal by 2030, a plan that will require an initial investment of over EUR 2 billion (USD 2.42bn), the companies said in a joint statement.

Based in Madrid, the JV is to become an Iberian platform that will develop, operate and maintain green hydrogen projects and at first, serve industrial and mobility sector customers across the peninsula.

Acciona will also make available its proprietary GreenH2Chain blockchain platform to ensure that the hydrogen comes with guarantees of renewable origin.

The parties expect to officially launch the new company by the end of the first half of 2021.

The JV’s initial projects are already under development, the companies added.

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