The Spanish government has announced that it will channel €6.9bn ($7.8bn) into renewables, green hydrogen and energy storage over the next two years as part of its Covid-19 recovery plan.

It is hoped that the investments would attract a further €9.45bn of private investment, the cabinet said.

The so-called Strategic Project for the Recovery and Economic Transformation of Renewable Energies, Renewable Hydrogen and Storage (PERTE ERHA), will “develop technology , knowledge, industrial capabilities and new business models that reinforce the country's leadership position in the field of clean energy”, the cabinet said in a statement.