DLA Piper, in collaboration with Basque Hydrogen, has facilitated the financing of the first project finance for a renewable hydrogen plant in the Iberian Peninsula, specifically in Bilbao, Spain. The plant, to be operated by Basque Hydrogen in the port of Bilbao, aims to produce synthetic fuels (e-fuels) through electrolytic hydrogen. Petronor's 10 MW electrolyzer investment of 44 million euros is a key element of the project, with plans to supply hydrogen for synthetic fuels used in cars, trucks, ships, and aviation. The start-up of the plant is scheduled for the first half of 2026. The transaction involved a banking syndicate led by BBVA and a team from DLA Piper comprising members from finance, public and regulatory law, and tax areas. This initiative marks a significant step towards sustainable energy production and transportation in the region.