Plug Power Inc., a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and ACCIONA Energia, a global developer, owner, and operator of renewable energy projects, have announced that their previously announced 50-50 joint venture has been completed. The joint venture is known as AccionaPlug, and it is based in Madrid. It will develop, operate, and maintain green hydrogen projects in Spain and Portugal.

The new venture will initially focus on the industrial and mobility sectors, and it also intends to provide its customers storage, transportation, and delivery services. AccionaPlug plans to open its first plants in 2023, with hopes of establishing a significant market share in the green hydrogen business in Spain and Portugal by 2030. The company has medium-term goals of producing over 100 tonnes of green hydrogen per day. Its hydrogen production facilities will be co-located directly with industrial customers and stand-alone plants will produce hydrogen for regional distribution.

Green hydrogen economy is a priority for the EU and member state governments in their climate and economic recovery initiatives. The European Union’s Hydrogen Strategy, announced in July 2020, calls for the installation of at least 6 GW of renewable hydrogen electrolyzers in the EU and the production of one million tonnes of renewable hydrogen by 2024.

REGlobal’s Views: Plug Power’s experience in the hydrogen space combined with ACCIONA Energia’s massive portfolio in the renewable energy space, will help AccionaPlug to quickly ramp up deployment of green hydrogen projects in Spain and Portugal, and capture greater market shares in this space.