Plug Power and Acciona Energía, the latter a global developer, owner, and operator of renewable energy projects, announced the formation of a 50-50 joint venture with the aim of providing the Spanish and Portuguese markets with more than 100 tons of green hydrogen per day. The aforementioned joint venture will be headquartered in Madrid and will take the name of AccionaPlug. Alan Ripa (pictured below), with 16 years track record in executive positions in Acciona Energía group, will become CEO of AccionaPlug. Talking about joint ventures, Plug Power is part of the HYVIA project together with Renault Group.
Two key and complementary roles for Plug Power and Acciona Energía
The AccionaPlug joint venture combines Plug Power’s PEM electrolyzer technology and Acciona Energía’s expertise in the development of renewable energy projects as a pioneer and the largest independent 100 percent renewable power retailer in Spain and Portugal. Plug Power will serve as the preferred supplier of electrolyzer technology to the joint venture, while Acciona Energía will serve as the preferred clean electricity provider. AccionaPlug also plans to provide storage, transportation, and delivery services to its customers, initially targeting the industrial and mobility business segments. Targeting hydrogen production facilities co-located directly with industrial customers and also stand- alone plants that produce hydrogen for regional distribution, AccionaPlug expects its first plants to be online in 2023.
Spain and Portugal are set to play a leading role in the European economy pathway to decarbonization, benefiting from the highest levels of renewable resources. The Spanish government put forward its own hydrogen roadmap in October 2020 and Portugal approved its hydrogen roadmap in August 2020.
A shared mission
«We quickly recognized a shared mission and approach in working with the team at Acciona Energía this year, and this joint venture was the logical next step», said Andy Marsh, CEO for Plug Power. «Our two companies are kindred spirits and envision a decarbonized future. Working together as AccionaPlug, we will build a robust green hydrogen ecosystem that will help Europe deliver on its sustainability goals, positioning Spain and Portugal as leading global hydrogen hubs».
«Acciona Energía and Plug Power are putting together the capabilities needed to provide the market with reliable and competitive green hydrogen solutions. AccionaPlug is the platform that will leverage Acciona Energía ́s presence and track record in renewable energy and Plug Power’s technology and knowledge in the hydrogen sector to ramp up the deployment of green hydrogen», added Alan Ripa, CEO of AccionaPlug. «We are delighted to start working with stakeholders that want to join us in this exciting journey to decarbonize the economy with renewable hydrogen. This partnership reflects the commitment of Acciona Energía and Plug Power in the fight against climate changeı.