The Chairman of Iberdrola, Ignacio Sánchez Galán, has held a meeting with the First Minister of Scotland, Nicola Sturgeon, as part of the Climate Summit being held in Glasgow. Sturgeon praised Iberdrola's work and described it as "an example for the production of green hydrogen and the decarbonisation of the country".
Sánchez Galán has an intense agenda with political and business leaders at COP26. While on Monday he held a meeting with former US Secretary of State John Kerry, the Chairman of Iberdrola later held a meeting with the Scottish Prime Minister.
In the United Kingdom, they value the capacity and the projects that the Spanish electricity company is carrying out - while in Spain, President Pedro Sánchez is trying to blame the electricity companies for the rise in electricity prices. Sturgeon has shown her good understanding with the Spanish executive: "We have known each other for more than 15 years and you have always kept your word and your support for Scotland and the Scottish people. We are very pleased with your presence and your commitment to the people of Scotland", he said of Sánchez Galán.
Iberdrola continues to invest in the British Isles, demonstrating its commitment to the country. Sánchez Galán's company has now submitted an application to build a green hydrogen plant next to its Whitelee wind farm, which will include the UK's largest electrolyser.
The facility, which is being developed by Iberdrola's subsidiary ScottishPower, will include a hybrid solar energy system to power the electrolyser, as well as a battery storage system with a maximum capacity of 50 MW. The initiative will be able to produce up to 8 tonnes of green hydrogen per day, roughly equivalent to the daily fuel needs of more than 550 buses, making the round trip route between Glasgow and Edinburgh.
The project is the first green hydrogen plant to be built by Green Hydrogen for Scotland, the alliance of Iberdrola subsidiary ScottishPower Renewables, together with BOC and ITM Power, with the aim of creating a green hydrogen production network and providing end-to-end market solutions to reduce emissions from sectors that are difficult to decarbonise, such as heavy transport, urban transport (buses) and waste collection trucks.
This first project will help to clean up emissions from heavy public transport and improve air quality in the Glasgow metropolitan area, which aims to become the UK's first zero emission municipality by 2030, including creating a zero emission vehicle fleet, using only electric and hydrogen-powered vehicles.
The Chairman of Iberdrola, Ignacio Galán, had a busy schedule at the 26th climate conference (COP 26) being held in Glasgow. Galán held several meetings, including a meeting with John Kerry - former Secretary of State and current US special envoy for climate - as well as a meeting with Scotland's First Minister, Nicola Sturgeon.
According to the electricity company, Galán and Kerry valued the importance of the private sector in helping countries achieve their climate and decarbonisation goals.
Kerry held a meeting with executives from large companies that have made a great contribution to the United States in this purpose, including the chairman of Iberdrola, which is "contributing to this green transition, leading the development of offshore wind energy and being the third largest player in onshore wind", the multinational company said.
Also as part of its commitment to sustainability, Iberdrola placed 750 million in green hybrid bonds on the market on Tuesday at an interest rate of 1.575%, below the 2% established at the start of the placement.
According to market sources, demand stood at 2.3 billion euros, more than three times the amount offered by the energy company, which will use these funds to finance or refinance green projects. This is subordinated perpetual debt, although there is an option for early redemption in the sixth year of the issue.
Iberdrola is one of the world's leading companies in the development of green hydrogen, with more than 60 projects in eight countries (Spain, United Kingdom, Brazil, United States, among others) to respond to the electrification and decarbonisation needs of sectors such as industry and heavy transport.
In response to these demands, Iberdrola has created a new green hydrogen business unit to position itself as a world leader in this technology. The group is thus at the forefront of the new technological challenge of producing and supplying hydrogen from clean energy sources, using 100% renewable electricity in the electrolysis process.
Within Iberdrola's investment plan to 2030, which totals 150 billion euros, green hydrogen will be a major growth vector. Iberdrola is already developing several projects that will enable the decarbonisation of industry and heavy transport in Spain and the United Kingdom, as well as developing its value chain.
The group currently has a green hydrogen portfolio that will require investments of more than 3 billion euros by 2030 for the production of 134,000 tonnes per year. Iberdrola has also submitted 54 projects to the Next Generation EU programme, which would trigger investments of 2.5 billion euros to achieve an annual production of 60,000 tonnes of green hydrogen.
In addition, in recent weeks the Renewable Hydrogen Coalition has strengthened its leadership with the appointment of Iberdrola Group Chairman and CEO, Ignacio Galán, as Chairman of the alliance and Sunfire founder and CEO, Nils Aldag, as Vice Chairman for the next 18 months, with the aim of helping to shape the necessary regulatory framework in the European Union. Galán and Aldag will combine their expertise in renewables and electrolysers to coordinate the coalition's efforts to ensure that, with the right policies, renewable hydrogen becomes a competitive alternative to conventional hydrogen during this decade.