A prominent legal advisory firm, DLA Piper, has guided a banking syndicate led by BBVA in securing the funds for the inaugural project finance of a renewable hydrogen plant within the Iberian Peninsula. This venture, conducted in partnership with Basque Hydrogen, is set to construct and manage a facility at Bilbao's port, focusing on the production of synthetic fuels through electrolytic hydrogen. The endeavor involves a significant investment in an electrolyzer at Petronor’s site, with operations expected to commence in 2026. The diverse team from DLA Piper integrated multiple areas of expertise to ensure successful financing.
Groundbreaking Renewable Energy Initiative
This new initiative aims to revolutionize the energy landscape in the Iberian Peninsula through innovative renewable hydrogen technology. Located in the bustling port of Bilbao, this state-of-the-art facility will leverage cutting-edge electrolysis methods to produce hydrogen-based synthetic fuels. These fuels are designed to cater to various transportation sectors including automobiles, maritime vessels, and aviation, marking a significant leap towards sustainable energy solutions.
The renewable hydrogen plant represents a monumental stride forward in the quest for cleaner energy alternatives. By harnessing the power of electrolytic hydrogen, the plant seeks to address pressing environmental concerns while supporting technological advancements in fuel synthesis. With an investment of 44 million euros, the 10 MW electrolyzer installation underscores the commitment to developing sustainable infrastructure capable of serving as a model for future projects. The scheduled start-up in the first half of 2026 highlights the rapid progress being made in integrating renewable resources into mainstream energy systems.
Expertise Driving Financial Success
DLA Piper played a crucial role in facilitating the financial aspects of this groundbreaking project. Their multidisciplinary team ensured comprehensive coverage across all relevant domains necessary for such complex transactions. Each member brought specialized knowledge to the table, ensuring that every facet of the deal was meticulously handled.
The DLA Piper team consisted of seasoned professionals specializing in finance, public and regulatory law, and taxation. César Herrero, alongside Carmen Sánchez and Nerea Cemlyn-Jones, provided strategic guidance in the financial realm. Meanwhile, José María Barrios and José Sala offered invaluable insights regarding public and regulatory compliance. Additionally, Alberto Lobato and María Alonso fortified the transaction with their tax expertise. Together, they crafted a robust framework that successfully secured the necessary funding for this transformative venture, showcasing the synergy achievable through collaborative efforts across varied fields of legal specialization.