BP Launches Green Hydrogen Project in Spain with Iberdrola Partnership
Key Ideas
- BP has taken a final investment decision (FID) to deploy 25MW of electrolyser capacity at its Castellon refining complex in Spain.
- The HyVal green hydrogen cluster project, developed in partnership with Iberdrola, could potentially scale up to 2GW with a €2b investment.
- The initial phase aims to deploy 200MW by 2027, contributing to the production of industrial scale green hydrogen.
- The project signifies a move towards renewable energy and sustainable practices in the refining industry.
BP has announced the launch of the HyVal green hydrogen project in Spain, with a focus on producing industrial scale green hydrogen at its Castellon refining complex in the Valencia region. The initial phase will involve the deployment of 25MW of electrolyser capacity, marking the first step towards a potential 2GW capacity at a cost of €2b. This project is a collaboration between BP and Spanish energy firm Iberdrola, with plans to develop a green hydrogen cluster. The project aligns with BP's commitment to transitioning towards renewable energy sources and sustainable practices. The CEO, Murray Auchincloss, highlighted the significance of this initiative in the company's quarterly earnings presentation, emphasizing the move towards industrial scale green hydrogen production. The projected timeline includes scaling up to 200MW by 2027, demonstrating a long-term commitment to green hydrogen production and investment in the sector.