The companies plan to form a JV to invest up to €1 billion towards the roll-out of a network of up to 11,000 rapid and ultra-fast EV charge points across Spain and Portugal. The plan includes installing and operating an initial 5,000 charge points by 2025, with the rest targeted to be deployed by 2030. Additionally, the companies are evaluating options to serve EV customers in the UK. The firms also plan to form a JV for large-scale integrated green hydrogen production in Spain, Portugal and the UK as well as production of derivatives such as green ammonia, and methanol, that can be potentially exported into Nothern Europe. The proposed facilities will have a combined production capacity of 600,000 tonnes per annum (tpa), integrated with forthcoming renewable energy assets. The green hydrogen project at BP's Castellón refinery will be part of the agreement, along with either of the energy companies’ industrial hydrogen projects in the pipeline. The partners aim to finalise both JV agreements by end 2022.
As per Enerdatics’ research, today’s moves mark the first low-carbon partnership between BP and Iberdrola, targeting the industrial and transport sectors in Europe. On the EV side, the companies aim to leverage Iberdrola’s extensive portfolio of mobility services in Iberia and BP’s planned expansion within the sector, to tap high-growth markets in Europe. Currently, Iberdrola operates more than 2,500 charpoints in Spain and Portugal, while BP’s network comprises 10,000 points in UK and Germany, including 1,300 retail sites in Spain and Portugal.
In the green hydrogen space, the partnership will fuse Iberdrola’s expertise in renewables development and its global customer base, with BP’s established position in gas processing and trading. As per Enerdatics’ research, Iberdrola is involved in three other major green hydrogen initiatives in Europe - the largest of which is a $2.6 billion agreement with H2 Green Steel to produce ~2 mmtpa of green steel via 1 GW of electrolysis capacity in Spain. BP, on the other hand, is a participant in 6 projects in Europe, with partners including RWE, HyCC, ASCER, ANFFECC and Durogas in the UK, Netherlands, Spain, Portugal and Germany.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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