BP and Iberdrola have announced a joint venture to establish a 25MW green hydrogen project in Spain, focusing on decarbonizing BP's refinery operations in Castellón by 2026. The green hydrogen initiative, supported by 15 million euros from the Spanish Recovery, Transformation, and Resilience Plan, is set to prevent the emission of 23,000 tons of CO2 per year. This project, powered by 200 GWh/year of Iberdrola's renewable energy, will also aid in creating around 500 new direct jobs during the construction phase, emphasizing the economic and environmental benefits of such initiatives. The electrolyzer, utilizing proton exchange membrane (PEM) technology from Plug Power, will be energized by Iberdrola's solar and wind projects through a power purchase agreement. The collaboration between BP and Iberdrola extends beyond this project to accelerate electric mobility in Spain and Portugal. Iberdrola's commitment to green hydrogen is further exemplified by partnerships with various entities to advance renewable energy development and expand transmission networks in Brazil.