Clifford Chance advises on €150M green steel project
Clifford Chance has advised Russula and Hydnum Steel in connection with a €150 million investment commitment from the Co-Investment Fund (FOCO), managed by COFIDES. The financing strengthens Hydnum Steel’s capacity to build its industrial complex in Puertollano, Ciudad Real, a project positioned as the first green steel plant in the Iberian Peninsula.
The facility is expected to produce 2.7 million tonnes of green steel per year, achieving a 98% reduction in carbon footprint compared with conventional steelmaking processes. The project has institutional backing from COFIDES and Spain’s PERTE II for Industrial Decarbonisation, and is set to mobilise more than €1.5 billion in total investment while generating over 5,000 jobs, positioning it as a factor in the reindustrialisation efforts and strategic autonomy objectives of Spain and Europe.
Legal team
The Clifford Chance team was led by corporate/M&A partner Luis Alonso, with support from counsel Javier Olábarri and corporate/M&A team members Sofía Albiñana and José Jordana de Pozas. The advisory team also included José Guardo and Marta Ruiz from the firm’s Projects practice, along with José Luis Zamarro and Mónica Romero from the Regulatory team.
