UK-based Renewco Power joins forces with INDHO, a green hydrogen developer based in Ciudad Real, Spain, to launch Indhyco. This joint venture will focus on developing green hydrogen projects for industrial consumption in Spain. Indhyco aims to develop 1 GW of ready-to-build (RTB) projects over the next five years.
Joint Venture Strategy and Objectives
Indhyco will leverage Renewco’s expertise in developing renewable energy projects in Europe and the USA, combined with INDHO’s in-depth knowledge of the green hydrogen sector in Spain. Renewco, since its launch in 2021, has developed a 5 GW pipeline of solar, wind, battery storage and green hydrogen projects in the UK, Spain, Italy and the USA. INDHO, a pioneer in the development of green hydrogen, began operations in 2016 in Spain and Chile. The company has already taken two green hydrogen projects in Spain to the RTB stage.
Directors’ declarations
Pedro Perejon, Renewco’s Business Development Director in Spain, said the platform would strengthen Renewco’s position in Spain and diversify its green hydrogen development strategy. Javier Salgado, Renewco’s Hydrogen Manager, added that this alliance will play a key role in meeting Spain’s industrial decarbonization needs. Fernando A. Román, Director at INDHO, explained that Indhyco’s projects will use renewable energy capacity and existing electricity and natural gas infrastructures to access the industrial and domestic sectors. Ricardo Izquierdo, also Director at INDHO, added that Indhyco is well positioned to contribute to the Spanish and European governments’ ambitious targets for green hydrogen production.
Implications for the Energy Sector
The creation of Indhyco represents a significant step forward in the development of green hydrogen in Spain. The focus on local production and industrial consumption is in line with national and European energy transition objectives. This project could serve as a model for other similar initiatives in Europe.
