Clifford Chance advises Russula and Hydnum Steel in connection with a €150 million investment commitment by COFIDES to build Spain’s first green steel plant

We have advised Russula and Hydnum Steel in connection with a €150 million investment commitment from the Co-Investment Fund (FOCO), managed by COFIDES. With this commitment, Hydnum Steel strengthens its financial capacity to undertake the construction of its industrial complex in Puertollano (Ciudad Real) and consolidates the continued institutional support for a project that will be the first green steel plant in the Iberian Peninsula.

The facility will produce 2.7 million tonnes of green steel per year and will achieve a 98% reduction in its carbon footprint compared with conventional steelmaking processes. The project, which benefits from strong institutional support from COFIDES and the PERTE II for Industrial Decarbonisation, will mobilise more than €1.5 billion in total investment and generate more than 5,000 jobs, establishing itself as a key driver of reindustrialisation and the strengthening of Spain’s and Europe’s strategic autonomy.

The Clifford Chance team was led by Corporate/M&A partner Luis Alonso, with the support of counsel Javier Olábarri and Corporate/M&A team members Sofía Albiñana and José Jordana de Pozas. Other Clifford Chance lawyers involved included José Guardo and Marta Ruiz from the Projects team, and José Luis Zamarro and Mónica Romero from the Regulatory team.