Spain/United Kingdom – Iberdrola and BP intend to form a strategic alliance to help accelerate the energy transition.
The companies intend to work together to significantly expand fast EV public charging infrastructure to support electric vehicle adoption, as well as to develop large-scale green hydrogen production hubs in Spain, Portugal, and the United Kingdom.
Green hydrogen production
The companies intend to form a joint venture to produce large-scale integrated green hydrogen in Spain, Portugal, and the United Kingdom, as well as derivatives such as green ammonia and methanol that could be exported to Northern Europe.
This strategic partnership will bring together Iberdrola’s world-class track record in renewables development and its global customer base, as well as bp’s experience in gas processing, trading, and its global customer portfolio.
The companies intend to collaborate on the development of advantageous hydrogen production hubs in Spain, Portugal, and the United Kingdom, with a total capacity of up to 600ktpa, integrated with new renewable energy.
The agreement includes the green hydrogen project at BP’s Castellón refinery. The two companies, along with the Instituto Tecnológico de la Energa, have submitted the Castellón project to the Spanish government’s PERTE call for hydrogen value chains. Iberdrola and BP intend to explore potential future opportunities for green hydrogen production in other geographies based on their collaboration in Spain, Portugal, and the United Kingdom.
EV fast charging
Iberdrola and bp intend to form a joint venture that will invest up to €1 billion to build a network of up to 11,000 rapid and ultra-fast EV public charging points across Spain and Portugal, significantly expanding charging access for consumer and fleet customers and accelerating electric mobility.
The plan calls for the installation and operation of 5,000 fast charging points by 2025, with a total of 11,000 by 2030, including existing and future fast charging hubs from bp and Iberdrola. The companies are also considering options for jointly serving EV customers in the United Kingdom.
Subject to regulatory approvals, BP and Iberdrola intend to finalize both joint venture agreements by the end of 2022.