Iberdrola, and bp have announced their plan to form a strategic collaboration aiming to help accelerate the energy transition. Together, the companies intend to develop large scale green hydrogen production hubs in the UK, Spain and Portugal as well as significantly expand fast EV public charging infrastructure to support the adoption of electric vehicles.
The Chairman of Iberdrola, Ignacio Galán, stated: “With bp, we intend to help advance in the decarbonisation and energy self-sufficiency through the electrification of two key sectors of our economy, transport and industry. The scale of this challenge requires alliances between companies such as Iberdrola and bp, which have the technology and knowledge necessary to help accelerate Europe’s industrial development and generate, at the same time, well-being and new opportunities for all through clean energy.”
Bernard Looney, CEO, bp: “Creating the lower carbon energy solutions that our customers want and need requires the integration of different technologies, capabilities and forms of energy. We can deliver this faster and at scale when we work in partnership with others. We have enormous respect for Iberdrola who have been an early leader in the energy transition – and are very excited about what we can deliver together.”
Integrated large scale green hydrogen production
The companies plan to form a joint venture for large-scale integrated green hydrogen production in the UK, Spain and Portugal, as well as production of derivatives such as green ammonia and methanol, which could be exported to Northern Europe.
This strategic collaboration will combine Iberdrola/ScottishPower’s world-class track record in renewables development and its global customer base, with bp’s experience in gas processing, trading and its global customer portfolio.
The companies aim to jointly develop advantaged hydrogen production hubs with total capacity of up to 600ktpa, integrated with new renewable power.
Accelerating EV fast charging
Iberdrola and bp plan to form a joint venture that intends to invest up to €1 billion to roll-out a network of up to 11,000 rapid and ultra-fast* EV public charge points across Spain and Portugal, significantly expanding access to charging for consumer and fleet customers thus accelerating electric mobility. The companies are also looking at options to jointly serve EV customers in the UK.
The aim is to finalise both joint venture agreements by end 2022, subject to regulatory approvals.