Renewco launches new joint venture with Indhyco for 1GW of green hydrogen in Spain
UK-headquartered Renewco Power (Renewco) and INDHO, a pioneering green hydrogen developer based in Ciudad Real in central Spain, have today announced the launch of Indhyco, an exciting new development platform exclusively focused on green hydrogen projects throughout the Spanish market.
Indhyco will develop green hydrogen projects with an emphasis on industrial consumption through efficient production of hydrogen close to the source of consumption and enabled by renewable power generation.
This new joint venture will combine Renewco’s expertise in developing renewable energy projects across Europe and the US with INDHO’s unique know-how and extensive experience in the green hydrogen sector in Spain. Indhyco’s goal is to develop 1 GW of green hydrogen projects to the ready-to-build (RTB) stage within five years.
Renewco is a renewable energy platform dedicated to developing solar PV, onshore wind, battery storage and green hydrogen projects across Europe and the US. Since launching in 2021, Renewco has rapidly developed a 5GW pipeline from 50 projects of solar, wind, BESS and green hydrogen projects across the UK, Spain, Italy and the US. Many of these projects are advancing to the ready-to-build RTB stage in the next 3 years.
INDHO was one of the first companies to start developing renewable hydrogen projects in Spain and Chile in 2016. They have since developed two green hydrogen projects in Spain, both of which have now reached the RTB stage.
Pedro Perejon said, “This new platform will strengthen Renewco’s position and diversify our existing green hydrogen development strategy in Spain, one of the key regions in what is a fast-growing sector. Furthermore, the opportunity to work with our partners Fernando and Ricardo, two pioneering leaders of the green hydrogen sector in Spain with more than 25 years of experience, will enable the new platform to hit the ground running and give us a deep-rooted knowledge of the green hydrogen ecosystem in Spain.
Javier Salgado said, “With this new alliance, we will play an important role in addressing the urgent industrial decarbonization demands through the development of green hydrogen projects. This energy vector will significantly contribute towards reducing harmful emissions for the wider energy industry with the production of green derivatives that will play a crucial role in addressing this challenge.”
Fernando A. Román said, “Indhyco projects contribute to the energy transition in our country by utilising renewable energy capacities with existing electricity and natural gas infrastructures. This enables access to both the industrial, and domestic sectors.”
Ricardo Izquierdo said, “Indhyco is equipped with all the necessary capabilities and is poised at a crucial moment to significantly contribute to achieving the ambitious goals and objectives set by the governments of Spain and the European Union for the development of green hydrogen production plants.”
