Portugal is eyeing investments worth €1.6 billion with renewable hydrogen, that it plans to produce using solar power. Pictured is the bridge and cityscape of Porto in Portugal. (Photo Credit: Olaf Pictures/www.goodfreephotos.com)
- Portugal is planning a renewable hydrogen project with the help of 1 GW of solar power plant
- It will be located at Sines and can attract an investment worth €1.6 billion
- Such a project can position Portugal to become the largest producer of green hydrogen in Europe, according to the Environment Minister João Pedro Matos Fernandes
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The Portuguese Minister of Environment and Energy Transition João Pedro Matos Fernandes has revealed plans to develop 1 GW of solar power capacity to be used for hydrogen production. Fernandes shared this with the national assembly during a parliamentary hearing.
Local media quoted him as saying ‘Portugal is in a position to be the largest producer of green hydrogen’ – which will allow the country to become the biggest producer of green energy in Europe. Hydrogen produced will be supplied to local energy-intensive industries or could be exported using the deep-sea port of Sines.
This proposed hydrogen production center is planned to be located at the port of Sines where Portuguese utility EDP operates a coal power plant and Galp runs an oil refinery.
Portugal Resident says the brain behind this idea is Dutch renewables entrepreneur Marc Rechter and that the scheme could be supported by the European Union (EU). It could attract investment worth €1.6 billion ($1.77 billion) to the country.
What positions solar power to be used for the planned hydrogen production is its competitive cost. To back his claim, the minister pointed at the price of €14.76 per MWh as the lowest tariff in the solar power auction concluded in 2019, which was offered by France’s Akuo Energy (see Portugal Awarded 1.15 GW Capacity In Solar Auction).
Interest in green hydrogen is picking up in Europe as in October 2019, four biggies proposed a 2 GW PV module manufacturing facility for 100% renewable hydrogen within Europe (see Europe: 2 GW PV Fab For Renewable Hydrogen Proposed).
An International Renewable Energy Agency (IRENA) report last year estimated 16 TW solar and wind power capacity to produce 19 exajoule hydrogen for the world by 2050 (see Up To 16 TW Solar & Wind By 2050 For Renewable Hydrogen).