© OSCAR GONZALEZ FUENTES / Shutterstock
© OSCAR GONZALEZ FUENTES / Shutterstock
Spain’s Prime Minister has announced plans for a €2.3bn ($2.5bn) package to support the country’s energy transition, with green hydrogen and renewable energy subsidies.
Prime Minister Pedro Sanchez, today (July 17) revealed the package of four programmes covering hydrogen and green industries and measures to help agriculture, infrastructure and villages transition to green energy in an address to the Cortes Generales.
While Sanchez did not reveal any other details of the plan, it comes after Madrid approved a €794m ($869m) subsidy package for 652MW of green hydrogen production projects in the country.
Read more: Seven Spanish hydrogen projects to secure state funding
Spain has been emerging as Europe’s green hydrogen powerhouse. Three of the seven projects to secure subsidies under the pilot European Hydrogen Bank (EHB) auction are planned for Spain, thanks to the country’s cheap renewable energy.
In February, Sanchez said the government would boost renewable energies to make Spain “a global benchmark in decarbonisation based on renewable hydrogen.”
He revealed €900m ($985m) of funding to finance 10 major hydrogen production, transport and development projects across the country.
Last year the government almost tripled its green hydrogen production targets to 11GW by 2030 under a draft update of its Energy and Climate Plan.
Read more: Spain targets 11GW of electrolysis y 2030 in draft revision of energy and climate plan
In support of the ambitious hydrogen goals, the new plan intends to increase wind generation, solar generation and power storage to 62GW, 76GW and 22GW respectively.
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