Energy giants BP and Iberdrola have formed a joint venture to build green hydrogen production hubs in Spain, Portugal and UK, with an intention to explore opportunities in other geographies.

Spain’s Iberdrola — the world’s third-largest power company and a major renewables developer — and UK supermajor BP, the sixth-largest oil company, said they aim to jointly build “advantaged hydrogen production hubs… integrated with renewable power” in the three countries with a total capacity of up to 600,000 tonnes per annum.