bp and Iberdrola have announced the final investment decision for the construction of the largest green hydrogen plant in Spain, located at bp’s Castellón refinery. The 25 MW green hydrogen project is expected to be operational by the second half of 2026. This initiative, a joint venture named Castellón Green Hydrogen S.L., is equally owned by both companies and has received funding of 15 million euros from the Spanish Recovery, Transformation, and Resilience Plan, with support from the European Union's NextGenerationEU program. The project aims to convert 200 GWh/year of Iberdrola's renewable energy into green hydrogen, contributing to bp's decarbonization strategy and potentially avoiding 23,000 tons of CO2 emissions annually. The electrolyzer, powered by renewable electricity from Iberdrola, will use proton exchange membrane (PEM) technology supplied by Plug Power. The green hydrogen produced will meet European standards for green hydrogen and support the transition of bp's Castellón refinery into an integrated energy hub. The project is anticipated to create up to 500 new direct jobs during construction and could facilitate the adoption of green hydrogen in industries like ceramics, chemicals, and heavy transport in the Valencia region. This collaborative effort showcases a commitment to innovation, sustainability, and job creation in the green energy sector. It reinforces Spain's position as a leader in the energy transition and highlights the potential for green hydrogen to play a significant role in decarbonizing industries. The partnership between bp and Iberdrola signifies a strategic alliance focused on advancing renewable hydrogen technologies and driving the development of a green hydrogen industry in Europe.