Roberto Albaladejo, BBVA’s Global Head of Sustainability Strategy, emphasized that green hydrogen presents a significant opportunity for Spanish companies to improve their competitiveness. Speaking at a green hydrogen event organized by BBVA and Hy24, Albaladejo highlighted Spain’s advantageous position due to its abundant renewable energy resources and strong industrial sectors.
At the event titled ‘Reinforcing Europe’s energy sovereignty through Spain’s leadership in hydrogen,’ Albaladejo noted that Spain is set to host eight out of fifteen renewable hydrogen projects backed by the European Commission. These projects are forecasted to receive nearly €300 million in financing, the highest amount allocated among five beneficiary countries as reported by the European Hydrogen Bank.
The International Energy Agency (IEA) predicts that global energy demand will double by 2050, driven by economic growth in emerging markets like China and India. In this context, Albaladejo stressed the urgency of investing in clean energy, particularly in Spain and Europe, where the energy transition can offer both climate solutions and strategic advantages.
He stated, “Decarbonization must make economic sense.” While technologies such as wind and solar power have established viability, emerging solutions like green hydrogen, carbon capture, and sustainable fuels require additional support to scale effectively. Albaladejo argued that banks play a vital role in facilitating this transition by bridging the investment gap and fostering innovation alongside sustainability.
BBVA also provides various financial solutions, including venture debt and blended finance, to assist companies in their growth. The bank has dedicated a unit to cleantech and invested over $340 million in climate-focused investment funds, aiming to promote innovation in renewable technologies.
Albaladejo stressed the importance of supportive public policies that foster demand for low-carbon products and create clear incentives to accelerate the transition. He highlighted the need for streamlined permitting and regulatory processes to mobilize capital and minimize innovation risks.
The event featured discussions led by Blanca Dragomir, Director of Cleantech for Iberia, and Arturo Gonzalo Aizpiri, CEO of Enagás. They explored Spain’s potential as a hub for hydrogen from North Africa to Europe and the financing required to scale Spanish technologies. Hy24’s CEO, Pierre-Etienne Franc, asserted that hydrogen is vital for long-term industrial transformation, noting that Spain already showcases its capabilities through its renewable energy resources and infrastructure projects like H2Med.
Aizpiri remarked that Spain is positioned to lead Europe in producing competitive green hydrogen, as evidenced by its success in two European Hydrogen Bank auctions, where it submitted the most projects and had the highest production capabilities. He affirmed that Spain’s hydrogen infrastructure is critical for establishing a European hydrogen market.
The event included two panel discussions focusing on Spain’s role in leading hydrogen development and innovative financing structures to support hydrogen projects. Notable participants included representatives from Repsol, Enagás Renovable, and Yara Clean Ammonia.
BBVA is committed to advancing the green hydrogen sector and actively participates in initiatives such as the European Clean Hydrogen Alliance, aiming for a carbon-neutral Europe by 2050. The bank is also a trustee of Spain’s first Chair of Studies on Hydrogen, promoting research and innovation in hydrogen technologies.
To support hydrogen financing, BBVA invested in the world’s largest clean hydrogen investment fund managed by Hy24, and recently financed an electrolytic hydrogen plant in Bilbao for synthetic fuel production. Hy24, a joint venture between Ardian and FiveT Hydrogen, manages over €2.2 billion across various clean hydrogen initiatives, aimed at developing infrastructure and technologies for a low-carbon economy.
Spain’s strategic investments in green hydrogen not only reflect its commitment to sustainability but also position the country as a leader in the global energy transition.
