Plug Power Inc., a leading provider of turnkey hydrogen solutions for the global green hydrogen economy, and ACCIONA Energía (BME:ANE), a global developer, owner, and operator of renewable energy projects, today announced that the companies have finalized the formation  of their previously announced 50-50 joint-venture. Incorporated as AccionaPlug, the joint-venture is headquartered in Madrid and will develop, operate, and maintain green hydrogen projects throughout Spain and Portugal.

AccionaPlug also plans to provide storage, transportation, and delivery services to its customers, initially targeting the industrial and mobility business segments. Targeting hydrogen production facilities co-located directly with industrial customers and also stand-alone plants that produce hydrogen for regional distribution, AccionaPlug expects its first plants to be online in 2023. The new venture aims for substantial market share of the green hydrogen business in Spain and Portugal by 2030, with medium term plans to have over 100 tonnes of green hydrogen production per day.

Alan Ripa, with a 16-year track record in executive positions in ACCIONA Energía, being his last position Chief Executive Supervisor at ACCIONA Energía Internacional, will become CEO of AccionaPlug.

The joint venture combines Plug Power’s best in class PEM electrolyzer technology and ACCIONA Energía’s proven leadership in the development of renewable energy projects as a pioneer and the largest independent 100% renewable power retailer in Spain and Portugal.

Plug Power is an innovator and a leader in the green hydrogen economy, with over 50,000 fuel cell systems deployed for e-mobility, and is the largest buyer of liquid hydrogen globally. ACCIONA Energía is the largest 100% renewable energy company with no fossil fuel legacy in the world, with more than 11GW of renewable energy across 16 countries.