EIB and ICO funds help Iberdrola build green hydrogen plant


Spain – The European Investment Bank (EIB), the Instituto de Crédito Oficial (ICO), and Iberdrola partnership will support economic decarbonization by producing green hydrogen for industrial use.

In order to accomplish this, Iberdrola will receive €53 million from the EIB and €35 million from ICO, with both loans certified as green financing.

Green financing

The funds will be used to develop a 100 MW photovoltaic plant, a 20 MWh battery and a green hydrogen production plant in Puertollano (Ciudad Real), Castilla-La Mancha (Spain), one of the largest plants in Europe.

This is the first time the two organizations have collaborated on green financing to develop green hydrogen. The nearby fertilizer industry will be able to use green hydrogen to replace grey hydrogen produced with natural gas.

The project will generate green hydrogen and renewable electricity. The electrolyzer will be able to generate 1000 tonnes of green hydrogen per year.