bp and Iberdrola form joint venture for 25 MW green hydrogen project in Spain

bp and Iberdrola have announced a joint venture, Castellón Green Hydrogen SL, to develop a 25 MW green hydrogen project in Spain. This partnership, announced on March 5, 2026, is notable given the project is already nearing completion, indicating a rapid development and execution timeline for this significant green hydrogen initiative. The collaboration brings together bp, an integrated energy company actively diversifying its energy portfolio, and Iberdrola, a global leader primarily focused on renewable energy development and operation. This strategic alignment leverages bp's broader energy market presence with Iberdrola's deep expertise in clean energy technologies and renewable project development. The 25 MW capacity project underscores a tangible commitment from both entities to advance green hydrogen production in Spain, a key market for renewable energy and decarbonization efforts. While the deal value remains undisclosed, the formation of this joint venture for a project nearing completion signals a proactive move by both partners to establish an early foothold in the burgeoning green hydrogen sector, combining their respective strengths to accelerate the energy transition.