China's Hygreen Energy to Invest $2.2 Billion in Spanish Green Hydrogen Plant
(Reuters) — Chinese electrolyzer manufacturer Hygreen Energy will invest 2 billion euros ($2.2 billion) in a green hydrogen plant in the southern Spanish region of Andalusia, the regional government said on Wednesday.
The investment is part of a broader set of agreements, which include a deal with Spanish firm Coxabengoa to manufacture and develop green hydrogen technology in the Spanish region, according to the statement.
Andalusia is positioning itself as a green hydrogen leader in Spain and Europe, taking advantage of its abundant wind and solar power potential.
Green hydrogen is produced using renewable electricity. While it is seen as key to decarbonizing Europe's economy in the future, green hydrogen projects in general are not competitive without subsidies due to high costs.
($1 = 0.8997 euros)
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