<\/p>\n
Spanish steelmaker Hydnum Steel has secured a EUR 150 million investment commitment from Spain’s state-owned development finance institution, COFIDES, to support the construction of what is planned to be the Iberian Peninsula’s first clean steel plant.<\/p>\n
The facility, to be built in Puertollano in Ciudad Real, will use electric arc furnaces powered by renewable electricity and green hydrogen. It is designed to produce 2.7 million tonnes of flat steel annually while cutting Scope 1 and 2 carbon emissions by up to 98% compared with conventional blast furnace-based steelmaking.<\/p>\n
The investment commitment comes from the Co-investment Fund (FOCO), managed by COFIDES, and is part of a financing package expected to mobilise more than EUR 1.5 billion for the project. Around EUR 600 million is planned to come from equity, with around EUR 1 billion to be raised through debt. The initiative has also secured support under Spain’s PERTE II programme for industrial decarbonisation.<\/p>\n
The project, which was first announced in 2023, has continued to advance this year, with Hydnum Steel securing 500 MW of grid connection capacity at the Brazatortas node and obtaining a favourable hydrological clearance for the site, among other milestones. It has also completed the public consultation phase without significant objections.<\/p>\n
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