By Giulia Petroni

Iberdrola has signed a framework agreement with seaborne ammonia trader Trammo to build a green ammonia plant in southern Europe.

The Spanish energy group said Friday that Trammo will purchase and sell up to 100,000 tons of green ammonia, which is produced using renewable energy, a year from the plant starting in 2026.

The plant involves a total investment of 750 million euros ($805.8 million) that will be viable through European Union funding.

"This project aims to kickstart the European green hydrogen corridor. Southern Europe has a large renewable potential that allows it to supply competitive green energy to decarbonize the various energy-intensive heavy industry all across the continent such as the Netherlands, Germany or France," Iberdrola said.

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

(END) Dow Jones Newswires

June 09, 2023 04:16 ET (08:16 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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