Spain’s BBVA invests EUR 10m in major clean hydrogen fund

Spanish lender Banco Bilbao Vizcaya Argentaria SA (BME:BBVA), or BBVA, on Tuesday announced it has invested EUR 10 million (USD 9.7m) in what is said to be the world’s first and largest infrastructure fund dedicated to the entire clean hydrogen value chain.

The investment in the EUR-2-billion Clean H2 Infra Fund was made to underpin the Spanish bank’s sustainability strategy, which puts hydrogen as one of the major pillars of its financing policy within the energy sector.

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BBVA noted it is well-positioned in the hydrogen market and will have direct access to the most relevant projects and operations in the segment. The bank’s intention is to provide banking services to players in the clean hydrogen industry in the years to come.

The Clean H2 Infra Fund was launched a year ago by Hy24, a 50/50 joint venture between Ardian and FiveT Hydrogen. Its goal is to mobilise up to EUR 20 billion of investment for hydrogen projects.

The list of the clean hydrogen fund’s other investors includes Credit Agricole Assurances, Groupama, Societe Generale Assurances, AXA and Allianz, among others.

(EUR 1.0 = USD 0.971)