BBVA invests 10 million euros in the world’s largest clean hydrogen fund managed by Hy24

BBVA invierte 10 millones de euros en el mayor fondo de infraestructuras de hidrógeno limpio del mundo destinado a financiar la cadena completa de valor del hidrógeno. Se trata de una inversión estratégica para BBVA, ya que el hidrógeno se perfila como una posible solución para descarbonizar los sectores de la economía más intensivos en emisiones.

BBVA invests 10 million euros in the world’s largest clean hydrogen infrastructure fund financing the whole hydrogen value chain scale up. This is a strategic investment for BBVA, as hydrogen is shaping up to be a possible solution to decarbonize the most emission-intensive sectors of the economy.

“This investment is consistent with BBVA’s sustainability strategy, as hydrogen is a priority in our financing policy within the energy sector. We believe that hydrogen is one of the key solutions for large-scale clean energy storage and for decarbonizing emission-intensive sectors that are not easily transitioned, such as aviation, shipping, heavy land transport and industries such as cement and steel,” said Luisa Gómez Bravo, Global Head of BBVA Corporate & Investment Banking.  

In addition, BBVA is well positioned within the hydrogen ecosystem and will have direct access to the most relevant projects and operations in this area. Through the Clean H2 Infra Fund, Hy24 aims to mobilize up to €20bn of investment capacity for hydrogen projects.

“We are delighted that BBVA is joining the ranks of financial and industrial investors who are acting alongside us to deploy hydrogen at scale. This is an additional signal for the entire ecosystem: players are ready to invest in significant projects for the energy transition. Through the Clean H2 Infra Fund, Hy24 is capturing and driving this momentum in the world´s most dynamic geographies.” said Laurent Fayollas, President of Hy24.

The bank thus joins the major industrial players in this hydrogen fund to advance appropriate risk frameworks and be at the forefront of financing green hydrogen projects.       

Thanks to its strong industrial and financial expertise, Hy24 has the ability to accelerate the expansion of hydrogen solutions along the entire value chain: production, conversion, storage, supply and use. This fund, with a focus on Europe, will support large strategic projects in their initial phase to become essential energy infrastructures. The European Commission has made hydrogen part of its strategy for a climate-neutral Europe, with the aim of accelerating its development as a cornerstone of an emission-neutral energy system by 2050.  

This investment is a further step in BBVA’s strategy of investing in sustainability through funds, with the aim of acquiring greater knowledge, obtaining returns consistent with the risk of the capital in which these funds invest, while also positioning itself closer to the companies and innovations needed to decarbonize the various economic activities. In this way, BBVA aims to be optimally positioned to offer banking services to these types of companies and industries in the years to come.

This year BBVA has also invested in Lowercarbon Capital, a venture capital fund for innovative companies, specialized in carbon capture; and in Fifth Wall, another venture capital company through which it will invest in innovative technologies and projects to address climate change in the construction and real estate sectors.  

In 2021, BBVA joined the European Clean Hydrogen Alliance, a body promoted by the European Commission to encourage which aims to promote the extension and development of the use of green hydrogen for a carbon-neutral Europe by 2050. The alliance has more than 1,500 partners from different industries.