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Project NOON is a renewable-hydrogen production project developed by Iberdrola Clientes (part of Iberdrola España), one of the 12 main-lot winners of the EU Innovation Fund's second domestic hydrogen auction (IF24), whose results were first published by the European Commission on 20 May 2025 (see 2025-05-20-eu-hydrogen-bank-second-auction-results, ~€992m across 15 projects). NOON bid a fixed premium (€/kg H2) under the auction's lowest-subsidy-wins format and was awarded EUR 135.5m to build a 120 MWe electrolyser plant, targeting 161 kt of RFNBO hydrogen output over its first decade of operation — an estimated ~1.1 Mt CO2-equivalent avoided over that period.
Iberdrola disclosed the grant award to the market on 2 December 2025. The Grant Agreement itself was not executed until CINEA (the European Climate, Infrastructure and Environment Executive Agency, which administers the Innovation Fund) completed Grant Agreement Preparation; CINEA's 20 January 2026 announcement confirms NOON as one of six IF24 projects (alongside Finland's Kristinestad PtX, Spain's H2CRI and GH2Move-VLC, and Norway's RjukanH2 and HammerfestH2) to sign by that date, collectively worth €270.6m and 381.25 MW of electrolyser capacity — a subset already captured in aggregate by the amendment on the parent hydrogen-bank action. This filing adds the project/company-level breakdown (grant amount, capacity, output) for the single largest of Spain's eight IF24 main-lot awards.
materially de-risks Iberdrola's green-hydrogen capex program, alongside its broader "Next Generation EU" project pipeline in Spain.
main-lot winners (of 12 total), reinforcing Spain's position as the auction's largest beneficiary — consistent with the €400m national Auctions-as-a-Service co-funding scheme noted in the parent hydrogen-bank action.
to near-term order visibility for EU electrolyser suppliers (Nel, ITM, ThyssenKrupp Nucera).
disclosed in public sources reviewed.
(chemicals sector was flagged by GTA's sector tag) or sold merchant.