€1bn Investment To Produce 500MW Green Hydrogen in Portugal
As Portugal will see an investment of €1bn ($1.08bn) to develop a 500MW green hydrogen and ammonia production project, Hydrogen Industry Leaders highlights the project in more detail.
The green hydrogen project will be developed by Madoqua Renewables, Power2X, and Copenhagen Infrastructure Partners’ Energy Transition Fund. Additionally, the industrial-scale project will produce 50,000 tonnes of green hydrogen annually.
Ensuring the production is green, it will be achieved by using electrolysers coupled with renewable energy sources such as wind and solar. The project is also expected to be producing its hydrogen by 2025.
The collaboration of companies has said that the project is the first natural step in implementing a new energy transition model. They hope to set a benchmark for the rest of Europe to solidify itself as a leader in the new energy world order.
Focussing on exporting green hydrogen, this project will also explore using a terminal at the port of Sines. If successful, it will help secure the country’s renewable energy future and its geographical position in the international market.