Masdar, the state-owned renewables developer of the United Arab Emirates (UAE), struck an agreement with Austrian electricity provider Verbund to build a green hydrogen plant in central Spain. As part of the agreement, both companies will assess whether it would be feasible to construct one of the largest green hydrogen production facilities in Europe in the Castilla-La Mancha region of Spain, which is already home to an array of renewable energy projects.
The hydrogen plant’s goal would be to aid in the decarbonisation of hard-to-abate industrial sectors across Europe. The facility has the capacity to replace up to a million tonnes of carbon emissions per year with green hydrogen. The agreement was signed on the sidelines of the UN climate summit, COP28. It expands on a previous agreement to investigate the potential of green hydrogen in Europe that was struck by the two companies in January 2023.
In the same month, Iberdrola and Masdar signed a €15 billion strategic collaboration deal to jointly develop offshore wind and green hydrogen projects in Germany, the United Kingdom, and the United States. Following the successful co-investment in Baltic Eagle in Germany, the parties’ next milestone will be to obtain a further co-investment in the 1,400 MW UK East Anglia 3 offshore wind project.
