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Energy 01 Jul 2025

Roberto Albaladejo: “Green hydrogen is a great opportunity to enhance the competitiveness of Spanish companies”

“Green hydrogen is a great opportunity to enhance the competitiveness of Spanish companies,” stated the Global Head of Sustainability Strategy, Industries and Cross-Border Business & CIB at BBVA, Roberto Albaladejo. Speaking at an event on green hydrogen held at Ciudad BBVA in conjunction with Hy24, Albaladejo added that Spain “is in an ideal position, with abundant renewable energy, robust industrial clusters and a clear public commitment” to scale up clean technologies like hydrogen.

During the opening of the event ‘Reinforcing Europe’s energy sovereignty through Spain’s leadership in hydrogen’, Albaladejo stressed that “eight out of every 15 renewable hydrogen projects backed by the European Commission will take place in Spain.” These projects will have access to nearly €300 million in financing, the highest allocation of the five beneficiary countries, according to the European Hydrogen Bank.

Driven by rising electrification and economic growth, particularly in emerging economies like China and India, the International Energy Agency (IEA) expects global demand for energy to double by 2050. Therefore, the Global Head of Sustainability Strategy, Industries and Cross-Border Business & CIB at BBVA stressed that investments in clean energy are more critical than ever before, especially in Spain and Europe, where the energy transition “not only represents a climate solution, but a strategic advantage in terms of competitiveness and sovereignty.” For Albaladejo “decarbonization must make economic sense.” While clean technologies like wind and solar are already viable and profitable, others such as green hydrogen, carbon capture and sustainable fuels “need support to gain scale.”

Turning to the role of banks, Albaladejo believes they are essential “to facilitate the transition and bridge the investment gap.” In his opinion, banks’ role goes beyond financing this transition because “sustainability cannot be separated from innovation”. In this regard, BBVA offers solutions such as ‘venture debt’, ‘blended finance’ and advisory services “to help companies grow.” The bank also has a unit dedicated exclusively to cleantech to support innovation in new technologies worldwide and has invested over $340 million in climate investment funds, among other initiatives.

The Global Head of Sustainability Strategy, Industries and Cross-Border Business & CIB at BBVA, Alberto Albaladejo, during the event.

Albaladejo also emphasized that advancing a decarbonized economy requires supportive public policies that focus on creating demand for low carbon products; offering clear incentives that support the transition at the necessary speed and scale; streamlining permitting and regulatory processes; and implementing policies that help to mobilize capital and reduce the risk of innovation.

Hydrogen, critical to Europe’s energy transition

The Director of Cleantech for Iberia, Blanca Dragomir, and the CEO of Enagás, Arturo Gonzalo Aizpiri, gave the opening presentation at the BBVA and Hy24 event. They discussed the needs and challenges of hydrogen production; how Spain can become an entryway for hydrogen from northern Africa to Europe; and the financing and scaling of leading Spanish technologies, among other topics.

Pierre-Etienne Franc, CEO of Hy24, added that “hydrogen is no hype - it’s the backbone of a long-term industrial transformation,” underscoring that Spain is already proving that it is possible “with top-notch renewable energy, a strong industrial base and cross-border infrastructure like H2Med.” According to the Hy24 CEO, the scalability of hydrogen “won’t come from ambition alone,” but with stable, resilient political support. “If we stick to the course, stay aligned and keep the pace, we will get there,” he stressed.

Pierre-Etienne Franc, CEO of Hy24

Meanwhile, Arturo Gonzalo Aizpiri, CEO of Enagás, emphasized that: “Spain is well placed to lead Europe’s energy future by producing the most competitive green hydrogen in the EU. This has been demonstrated by the two auctions held so far by the European Hydrogen Back Spain was the country with the most projects submitted and awarded; the country with the highest production and electrolysis capacity; and the most competitive average hydrogen production price. Spain is also demonstrating its leadership in the deployment of hydrogen infrastructure through the H2Med corridor and the Spanish Hydrogen Network. Such infrastructure is essential for establishing a European hydrogen market with its own industry and energy sources. We are now entering a new phase of acceleration of the European hydrogen network.”

The event was divided into two panel discussions, featuring representatives from the SPRI Group, Repsol, Enagás Renovable and Yara Clean Ammonia in the first panel, entitled ‘Accelerating Spain’s position as the green hydrogen leader in Europe,’ The second panel, ‘Promoting hydrogen through innovative development and financing structures’ featured Hy24, H2SITE, the European Investment Bank, BBVA and Capgemini.

BBVA’s role advancing green hydrogen

Aware of how important green hydrogen is for decarbonization, and of the challenges it faces, BBVA has committed to join a variety of different initiatives to promote green hydrogen, invest in specialized investment fund managers, and offer its clients advice and financing to implement projects.

In terms of initiatives to bolster hydrogen, BBVA belongs to the European Clean Hydrogen Alliance, which seeks to promote the development and expansion of green hydrogen for a carbon neutral Europe by 2050. In addition, it is a trustee of Spain’s first Chair of Studies on Hydrogen to promote innovation and research on this topic.

Regarding financing and investment for hydrogen projects, the bank has invested in the world’s largest clean hydrogen investment fund, managed by Hy24. BBVA also granted the first project finance loan on the Iberian Peninsula, financing an electrolytic hydrogen plant to produce synthetic fuels (‘e-fuels’) in the port of Bilbao.

Hy24 is the world’s first and largest hydrogen private equity asset manager. They invest across the hydrogen economy to develop the infrastructure and technologies needed low-carbon, resilient and sovereign economy. Founded by former executives from the hydrogen sector, Hy24 is a  joint venture between Ardian, one of the top private investment firms in the world, and FiveT Hydrogen, which specializes in hydrogen investments. It currently manages over €2.2 billion through two initiatives: a clean hydrogen infrastructure fund, and an initiative dedicated to clean hydrogen equipment and technologies.