DLA Piper advises BBVA on the first project financing for a green hydrogen plant in Iberia

DLA Piper has advised a consortium of banks led by BBVA on the first project financing of a green hydrogen plant in the Iberian peninsula. The transaction was carried out in collaboration with Basque Hydrogen, which will build and operate the plant in the port of Bilbao, Spain. This pioneering project is intended for the production of synthetic fuels (e-fuels) made from green hydrogen.

Petronor's 10 MW electrolyser in the Port of Bilbao will require an investment of EUR44 million. The plant is designed to supply green hydrogen to a pilot plant to make synthetic fuels suitable for cars, trucks, shipping and aviation. The plant is scheduled to be operational in the first half of 2026.

The DLA Piper team that advised on the project financing included: César Herrero, partner; Carmen Sánchez and Nerea Cemlyn-Jones, counsels; Felipe López and Pablo González, senior associates; and Santiago González and Sara Espina, associates. The transaction included support from the regulatory team comprising of José María Barrios, partner, and José Sala, of counsel and from the tax team including Alberto Lobato, senior associate, and María Alonso, counsel.