DLA Piper advises BBVA on the first ‘project finance‘ of a renewable hydrogen plant in the Iberian Peninsula

DLA Piper has advised a banking syndicate led by BBVA in the financing of the first project finance of a renewable hydrogen plant in the Iberian Peninsula. The transaction has been carried out in collaboration with the company Basque Hydrogen, which will build and operate the plant in the port of Bilbao. This pioneering project is aimed at the production of synthetic fuels (e-fuels) from electrolytic hydrogen.

Petronor’s 10 MW electrolyzer at the Port of Bilbao will involve an investment of 44 million euros. The plant is designed to supply hydrogen to a demo plant for synthetic fuels valid for cars, trucks, ships and aviation. Start-up is scheduled for the first half of 2026.

The DLA Piper team that advised on the financing of this transaction was made up of different areas of the firm. César Herrero, partner; Carmen Sánchez and Nerea Cemlyn-Jones, counsels; Felipe López and Pablo González, senior associates; and Santiago González and Sara Espina, associates, participated in the Finance area. From the Public and Regulatory Law area, José María Barrios, partner, and José Sala, of counsel, intervened. Finally, from the Tax area, Alberto Lobato, senior associate, and María Alonso, counsel, contributed.