BBVA signs the first project finance for a renewable hydrogen plant in the Iberian Peninsula: advisors

BBVA Corporate & Investment Banking (BBVA CIB) has formalized with the company Basque Hydrogen the first project finance loan in the Iberian Peninsula for an electrolytic hydrogen plant. The project, which will be located in the port of Bilbao, aims to produce synthetic fuels (e-fuels) for use in road, maritime and air transport.

Basque Hydrogen is a joint venture owned by Petronor -a subsidiary of the Repsol Group, with 51%-, Enagás Renovables (24.5%) and the Ente Vasco de la Energía (24.5%). The plant will have a 10 MW electrolyzer and will require a total investment of 44 million euros.

The arrival and assembly of the equipment is expected to begin before the summer, with an estimated installation period of six months. Start-up of the plant is scheduled for the first half of 2026, once the energization of the power line that will feed the facilities has been completed. The hydrogen produced will be destined for an e-fuels demonstration plant, with the capacity to generate sustainable fuels suitable for cars, trucks, ships and airplanes.

Legal advice

BBVA has been advised by the law firm DLA Piper, which has mobilized a multidisciplinary team led by César Herrero, partner, together with Carmen Sánchez and Nerea Cemlyn-Jones as counsels; Felipe López and Pablo González, senior associates; and Santiago González and Sara Espina as associates in the Finance area. José María Barrios, partner, and José Sala, of counsel, participated in the Public and Regulatory Law area, while Alberto Lobato, senior associate, and María Alonso, counsel, participated in the Tax area.

Simmons & Simmons advised the joint venture Basque Hydrogen, with a team led by partner Álvaro Barro, specialist in energy and infrastructure, together with Daniel Vázquez (of counsel), Luis Carretero (supervising associate) and Pablo García-Foncillas (associate).