The Australian unit of Spanish utility Iberdrola and local developer Abel Energy have agreed to invest 1.1 billion euros ($1.17 billion) to build a green hydrogen and methanol production plant at Bell Bay on the island of Tasmania.
Iberdrola said the facility, known as the Bell Bay Powerfuels Project, also has the Australian government's backing.
The final decision to invest in delivering the full project will not be taken until 2024, an Iberdrola spokesperson said.
The scale of the plant, at 200,000 tonnes per year of green methanol for stage one, rising later to 300,000 tonnes per year, will make it one of the largest such projects in the world, Iberdrola said in a statement.
Green methanol is a fuel produced from carbon dioxide and hydrogen using renewable electricity or from sustainable biomass.
Green hydrogen, or hydrogen produced from water via electrolysis using renewable energy, is seen as a solution to decarbonizing heavy transport including commercial shipping and airlines and some other industries.
Iberdrola is pushing to remain one of the leaders in global renewable power as utilities face a challenging transition from fossil fuels, accelerated by the need to cut energy dependence on Russia.
Recommended Reading
Investment Firm Elliot Calls for Honeywell Restructuring in Letter to Board
2024-11-13 - As Honeywell’s largest active investor, Elliott Investment Management’s letter to Honeywell International argued that Honeywell should split into two entities—Honeywell Aerospace and Honeywell Automation.
Dividends Declared Week of Nov. 4
2024-11-08 - Here is a compilation of dividends declared from select upstream and midstream companies in the week of Nov. 4.
TC Energy Appoints Two Independent Directors to Board
2024-11-07 - TC Energy Corp. appointed Independent Directors Scott Bonham and Dawn Madahbee Leach to its board, the company announced Nov. 7 in a press release.
OMS Energy Files for IPO, Reports Revenue Growth
2024-11-06 - Singapore-based OMS Energy, a wellhead system manufacturer, has not yet determined its price range and number of shares.
Record NGL Volumes Earn Targa $1.07B in Profits in 3Q
2024-11-06 - Targa Resources reported record NGL transportation and fractionation volumes in the Permian Basin, where associated natural gas production continues to rise.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.