ACCIONA Energy and Plug Power, a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, today announced the formation of a 50/50 joint venture. The new company, AccionaPlug, is based in Madrid and will develop, operate and maintain green hydrogen projects in Spain and Portugal.

AccionaPlug also plans to provide storage, transportation and distribution services to its customers, initially focusing on the industrial and mobility business segments.

AccionaPlug, which will have both hydrogen production facilities developed directly for its industrial customers and independent production plants for regional distribution, expects its first facilities to be operational in 2023. The company expects to achieve a substantial market share of the green hydrogen business in Spain and Portugal by 2030, with a production of more than 100 tonnes per day.

Alan Ripa, who has 16 years’ experience in executive positions at ACCIONA Energy, and until now Chief Executive Supervisor of ACCIONA Energy International, will become CEO of the new entity.

The joint venture combines Plug Power’s best-in-class electrolyser technology and ACCIONA’s status as the leading distributor of 100% renewable energy in Spain and Portugal.

Plug Power is a leading innovator in the green hydrogen economy, with more than 50,000 fuel cell systems deployed for electric mobility, and the world’s largest purchaser of liquid hydrogen. ACCIONA Energy is the world’s largest 100% renewable energy company with no fossil fuel legacy in the world, with more than 11GW of renewable energy in 16 countries.