IN BRIEF: BP, Iberdrola form green hydrogen JV for decarbonisation
12th Sep 2024 15:17
BP PLC - London-based oil major - and Iberdrola SA - Bilbao, Spain-based multinational electric utility - The companies announce a final investment decision on a 25 megawatt green hydrogen plant in Spain. They form a 50-50 joint venture, with the green hydrogen production to support decarbonising bp's refining operations in Castellon in 2026. Expects this to avoid about 23,000 tons of carbon dioxide emissions per year. Project to receive EUR15 million in funding from Spanish Recovery, Transformation & Resilience Plan. The 25MW electrolyser will be powered by renewable energy via a power purchase agreement signed with Iberdrola for 200 gigawatt hours per year from its photovoltaic and wind projects. Read More