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Spain approves €16.3bn plan for renewables, green hydrogen and energy storage

Spain has approved a €16.3bn energy plan (Proyecto Estratégico para la Recuperación y Transformación Económica, or PERTE) for renewables, green hydrogen and energy storage (ERHA). The programme includes €6.9bn of state funding, and €9.5bn of private investments. Most of the spending will take place between 2022 and 2023, and the beneficiary projects will run until 2026.

A significant part of the PERTE will finance green hydrogen projects, with €1.6bn in public funds, which should attract another €2.8bn of private investment. Indeed, Spain aims to have an hydrogen capacity of 4 GW by 2030, which would account for 10% of the European Union's target output. The PERTE also allocates €765m to the deployment and integration of renewables, with special attention to marine energies, which should channel another €1.6bn in private investment. Moreover, €620m of public funds will support smart grids and electricity storage, mobilising another €990m. Finally, the PERTE will allocate nearly €3.4bn to facilitating measures aimed at creating a favourable environment for the materialisation of the plan (development of self-consumption in companies, renewable gas mobility, etc.), which should attract more than €4bn in private investment.

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