- EUR 88 million loan secured from funding giants.
Spanish utility, Iberdrola, has secured EUR 88 million in loans. The funds will be used to develop the company’s green hydrogen project in Puertollano, Spain. Iberdrola is currently building a solar-and-storage and electrolysis plant for the local fertilizer producer.
Iberdrola revealed that EUR 53 million would be received from the European Investment Bank, while the remaining EUR 35 million would come from Instituto de Credito Oficial (ICO), a Spanish lender. As agreed by the involved parties, the green finance will be used to install a 100MW solar PV farm, a 5MW battery, a 20MWh of storage capacity, and a 20MW electrolyzer. The total financial need of the entire project in investments is EUR 150 million.
Some structures of the complex have already been constructed at the Industrial site of Puerollano, and the delivery of hydrogen storage tanks had commenced as far back as December 2021. The complex in Puertollano will produce green hydrogen for Fertiberia, a fertilizer producer. Fertiberia will also off-take the by-product oxygen. Fertiberia will adapt its facilities to use hydrogen in the fertilizer production process and reduce the need for natural gas, according to Iberdrola.