Econostrum | Economic News in the Mediterranean

Spain's EDPR and France's Lhyfe sign renewable hydrogen deal

Written by Eric Apim on Wednesday, May 25th 2022 à 16:08 | Read 437 times

Lhyfe's first plant was inaugurated in September 2021 in Vendée (photo: Lhyfe)
Lhyfe's first plant was inaugurated in September 2021 in Vendée (photo: Lhyfe)
SPAIN / FRANCE. EDP Renewables (EDPR), the world's fourth largest wind energy producer, and Lhyfe, a pioneer in the production of green renewable hydrogen, signed an agreement on Tuesday 24 May 2022. The Spanish and French companies will "jointly identify, develop, build and manage renewable hydrogen production projects", according to a joint statement.

This announcement comes after a capital increase of the French company - to which EDPR subscribed up to €25 million -, as part of its initial public offering on the regulated market of Euronext Paris since Monday 23 May 2022. EDPR is also listed on Euronext.

The industrial combination will enable EDPR to supply renewable electricity to Lhyfe's hydrogen production projects. But not only that. The two partners will identify opportunities to co-develop projects. "EDPR's participation could reach up to 50% of the capital," the press release said. The Spanish and French companies will also develop their research and development (R&D) activities together and pool the acquisition of equipment.

Greater operational and commercial expertise

"This agreement aims to create value by leveraging the complementary skills and capabilities of the two companies, in order to boost the growth of EDPR's portfolio, particularly in France, and to contribute to the development of Lhyfe's projects worldwide. It contributes to the acquisition of greater operational and commercial expertise in renewable hydrogen projects," the two companies said.

Miguel Stilwell d'Andrade, CEO of EDP and EDP Renewables, says he is "convinced that renewable hydrogen can complement direct electrification, that it is the best way to reduce CO2 emissions and successfully decarbonise the economy, including in sectors that are difficult to electrify." EDPR plans to deploy 1.5 gigawatts (GW) of green hydrogen capacity by 2030. It has created the H2 Business Unit (H2BU) with the aim of developing renewable hydrogen projects in promising sectors such as steel, chemicals, refineries, cement plants and long-distance heavy transport. The company is developing a project in this field with a capacity of 100 MW in Sines, Portugal.

For Matthieu Guesné, "the trust placed in us by EDPR allows us to calmly envisage the development of our renewable hydrogen throughout the world and on a large scale. Founder and CEO of Lhyfe, he says he is "eager to develop (his) future production sites alongside them, and to immediately decarbonise local mobility and industrial uses, thanks to the pooling of our strengths." With a portfolio of more than 4.8 GW of total installed capacity in ninety-three projects under development in Europe (of which 20 are in advanced stages of development for 380.5 MW), Lhyfe aims to have 200 MW by 2026 and 3 GW by 2030.

Founded in 2017 in Nantes, the French company inaugurated the world's first industrial plant directly connected to a wind farm and a seawater supply in September 2021 in the Vendée.

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