- The JVs will be targeted at promoting green hydrogen production and the development of public charging stations for electric vehicles (EVs) in the Iberian Peninsula and the UK.
Iberdrola SA, a Spanish utility and oil and gas major, BP Plc, have announced plans to form joint ventures (JVs). The JVs will be targeted at promoting green hydrogen production and the development of public charging stations for electric vehicles (EVs) in the Iberian Peninsula and the UK.
The green hydrogen JV would be dedicated to large-scale integrated hydrogen production and its derivatives in Spain, Portugal and the UK. Based on the announcement, the proposed hubs would be integrated with new renewables with a total capacity of about 600 kilo tonnes per annum.
The JV would include BP’s green hydrogen project, developed at its refinery in Castellon, Spain, Iberdrola’s ongoing industrial hydrogen projects and new projects. Both companies reckon that the collaboration in Spain, Portugal and the UK may serve as the springboard for potential green hydrogen projects in other parts of the world.
The JV for electric mobility would have an investment of up to EUR 1 billion for installing up to 11,000 rapid and ultra-fast public EV charging stations across Spain and Portugal. They said both companies are also considering the joint-serving of the UK EV market.
More than 2,500 charging points across Iberia are owned by Iberdrola and are renewable energy powered. BP, which operates charging points elsewhere in Europe, would contribute to its 1,300 service stations in Spain and Portugal as charging hubs for the JV.
Iberdrola and BP expect to close both JV agreements by the end of 2022, pending regulatory approval.