Canadian-Portuguese JV to Invest €1 Billion in Green Hydrogen Plant in Portugal
- November 15, 2022
- Posted by: Quatro Strategies
- Category: Cleantech
Canadian renewable energy company NeoGreen Hydrogen and Portuguese solar park developer Frequent Summer said on Monday that they plan to invest more than €1 billion in a green hydrogen plant in Portugal. The plant will be built in the city of Sines, 150 km south of Lisbon, Portugal’s capital. It will include a 500 MW electrolyzer for the production of green hydrogen and derivative fuels. Green hydrogen is produced using renewable electricity from sources such as wind and solar and seen as a key fuel for energy transition efforts, especially regarding long haul transport and heavy industries.
Portuguese government will make available 10.5 hectares of land to build the plant, as part of the agreement. The companies have not disclosed a time frame for the investment or when production would start.
NeoGreen Hydrogen chief executive Corson said “having a project in the heart of the European Union, which will be one of the main hubs of demand for hydrogen in the coming years, is strategic for us as a company.”
Portuguese Minister of the Environment and Climate Action Cordeiro said last week that Portugal expects to become a major producer and exporter of green hydrogen with 70 private investors or groups planning to spend €10 billion.
Portugal’s largest utility EDP, oil and gas company Galp Energia and a Portuguese-Danish-Dutch consortium are each planning to build green hydrogen plants in the same industrial hub of Sines.
Portugal’s three main glass producers and two biggest cement makers, together accounting for 10% of the country’s industrial carbon emissions, also joined a new consortium to launch a green hydrogen plant.
Subscribe to Top Insights Today
The Executive Newsletter -Top Insights Today- puts global business events in perspective through special insights
Join the ranks of global executives and subscribe to Top Insights Today
Top Insights Today covers insights on energy, clean-tech, oil&gas, mining, rare earths, defense, aviation, infrastructure, manufacturing, electrical vehicles, big-tech, finance and politics of business