By Giulia Petroni

Spanish utility Endesa SA said Monday that it plans to invest more than 2.9 billion euros ($3.52 billion) to develop 23 renewable hydrogen projects across Spain.

The company, a subsidiary of Enel SpA, said the investment will allow it to install electrolyzers with 340 megawatts of power, fed with 2,000 megawatts of renewable energy.

The plan, which was presented to the Spanish government, aims to accelerate the country's transition to cleaner forms of energy.

"These projects will contribute decisively to achieving the objectives set for the first phase (2020-2024) of the hydrogen road map launched by the central government," Endesa said.

The most advanced project, which is located in As Pontes in the A Coruna province and accounts for an investment of EUR738.2 million, includes a 100-megawatt electrolyzer and six wind farms with a combined capacity of 611 megawatts.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 01, 2021 08:55 ET (13:55 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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