Saturday, September 23, 2023

Iberdrola partners with the Australian Government in one of the largest green hydrogen projects in the world

Iberdrola Logo At The Company'S Headquarters In Bilbao.Iberdrola logo at the company’s headquarters in Bilbao. Vincent West (Reuters)

Iberdrola reinforces its commitment to the renewable energy sector in Australia. The Spanish power company on Monday announced an agreement with the Australian government and ABEL Energy, a local developer, to undertake one of the world’s largest hydrogen projects. The combined plant, valued at 1,100 million euros, aims to produce 300,000 tonnes of green methanol per year, a low-emissions fuel – which combines hydrogen with carbon dioxide – on which shipping giants have set their sights. It will start functioning in 2025.

The investment in Bell Bay Powerfuels, the name given to the plant of the future, combines both the renewable generation needed to generate green hydrogen and the investment needed in electrolyzers, machines that convert energy and water into this fuel, of which a good Part of the rest is expected to be the decarbonization of the most difficult sectors to electrify, such as heavy transport or industries that require heat in its processes. According to Iberdrola, the project will mean the creation of 500 jobs, both direct and indirect.

Before announcing this investment, the Spanish energy company aimed to reach 35,000 tonnes of green hydrogen per year in 2025 and multiply that figure tenfold by the end of the decade. One piece of information perfectly summarizes the size of this new commitment to Australia: When fully operational, the project will join the remaining 60 announced to date by Iberdrola based in Spain, the United States and Australia. Will contribute equally. on one’s own.

In the statement, the utility claims it has become one of the first companies to “take charge” of the “new technological challenge posed by the production and supply of green hydrogen”. He says a movement like the one he did two decades ago with renewable energy.

Since 2020, when it announced the purchase of Infigen Energy—one of the largest Australian renewable energy generation companies—, Iberdrola has not stopped increasing its commitment to the ocean country, in which it plans to invest $2,000 to $3,000 million in the next Considers investments between the Euro. Year.

Australia is one of the world’s most attractive markets for investment in wind power and, above all, in photovoltaics. With a huge potential of wind and sun, there are and will be more and more hours of demolition costs. And generating hydrogen from that cheap energy is one of the best possible options.

The investment in Australia has been made public days after the company headed by Ignacio Sanchez Gallon asked to cancel all marketing agreements for one of its major projects in the US: a huge offshore wind farm in which it plans to generate around $4,000 million. was going to invest. ,

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