To accelerate decarbonization plans, the European Commission has approved state aid in the amount of 400 million euros to support the development of renewable hydrogen production in Spain, Yieh reports.
The plan, which will be implemented through the "Auctions-as-a-Service" mechanism of the European Hydrogen Bank, is expected to subsidize up to 345 MW of electrolyzer capacity, which will produce 221 thousand tons of "green" hydrogen, which is estimated to reduce carbon emissions by about 1 million tons
The subsidy will be provided in the form of direct financing per kilogram of hydrogen for a period of up to ten years. Applicants must demonstrate that hydrogen production complies with EU regulations on renewable fuels.
The project will be implemented by the European Executive Agency for Climate, Environment and Infrastructure (CINEA), and the selection process is scheduled to be completed in the first quarter of 2025.
