November 14 (Renewables Now) – A Portuguese-Canadian joint venture plans to invest more than EUR 1 billion (USD 1bn) in a green hydrogen production plant in Sines, Portugal.
NeoGreen Portugal, a partnership between Canada’s NeoGreen Hydrogen Corp and Portuguese solar developer Frequent Summer SA, is today signing a reservation of rights agreement for 10.5 hectares (25.95 acres) in the Sines Industrial and Logistics Zone (ZILS).
The company plans to install more than 500 MW of electrolysers to produce green hydrogen and derivative green fuels.
The signing ceremony was to be attended by the Portuguese Secretary of State for International Trade and Foreign Investment Bernardo Ivo Cruz, according to an announcement by aicep Global Parques, which manages ZILS. He said in the statement that the project supports the creation of a Sines Hydrogen Valley in line with the National Strategy for Hydrogen.
Chris Corson, executive chairman of NeoGreen Hydrogen Corp, commented that the project has a strategic location at the heart of the EU, which will be one of the main centres of hydrogen demand in the coming years.
Filipe Costa, chief executive of aicep Global Parques, said that the potential investment is part of a pipeline of projects with a combined investment of EUR 20 billion by 2030 in areas including industrial decarbonisation, logistics and telecommunications.
(EUR 1.0 = USD 1.032)
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