Deals Counterparts

bp and Iberdrola partner on large-scale green hydrogen production

Joint Venture Green Hydrogen announced Castellón, Spain Jul 18, 2025
EUR15M
Deal Value
25 MW
Capacity
construction
Stage
Castellón Green Hydrogen S.L.
Project

bp and Iberdrola are partnering to develop large-scale green hydrogen production in Spain and Portugal, aiming to accelerate the energy transition.

Source Intelligence

KEY DETAILS

The PPA will supply 200 GWh/year coming from Iberdrola’s photovoltaic and wind projects. The electrolyser will include 5 modules of 5 MW containerised proton exchange membrane (PEM) technology. It’s expected around 2,800 annual tonnes of green hydrogen could substitute part of the grey hydrogen currently used by the refinery—currently produced from natural gas—and as such is expected to result in avoiding the emission of 23,000 tonnes of CO 2 per year, equivalent to the emissions of 5,000 cars over the same period. This plant could create up to 500 new direct jobs during its construction.

Deal Size
has been awarded funding of 15 million euros from the Innovative Value Chain and Renewable Hydrogen Knowledge call of the Spanish Recovery, Transformation, and Resilience Plan, with funding allocated by NextGenerationEU of the European Union
Capacity
construction of a 25 MW green hydrogen project at bp’s Castellón refinery
Location
at bp’s Castellón refinery
PPA Details
The 25 MW electrolyser will be powered by renewable electricity through a power purchase agreement (PPA) signed with Iberdrola that will supply 200 GWh/year coming from Iberdrola’s photovoltaic and wind projects.
Announcement
Dec 21, 2024
COD
which is expected to be operational in the second half of 2026
PARTIES MENTIONED IN SOURCE
b
bp developer

"bp and Iberdrola have given the green light for the construction of a 25 MW green hydrogen project at bp’s Castellón refinery"

I
Iberdrola developer

"bp and Iberdrola have given the green light for the construction of a 25 MW green hydrogen project at bp’s Castellón refinery"

T
Technology Institute of Energy (ITE) developer

"This initiative, which includes the participation of the Technology Institute of Energy (ITE)"

P
Plug Power seller

"The electrolyser will include 5 modules of 5 MW containerised proton exchange membrane (PEM) technology, which will be supplied by Plug Power, a leading manufacturer of green hydrogen solutions."

medium quality Enriched Feb 19, 2026

Timeline

Announced
Jul 18, 2025
Signed
Closed

Market Context

This deal is part of the Green Hydrogen sector in Spain.
20
Green Hydrogen deals
99
deals in Spain
1 of 20 Green Hydrogen deals tracked this month · Updated daily

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