In Greece, a critical development unfolds as Hellenic Hydrogen AE, a joint venture between Motor Oil and DEI (Public Power Corporation), gears up for the operational launch of its green hydrogen production plant, North 1, in Amyntaio by the end of 2027.
The endeavor, with an estimated cost of 60 million euros, is poised to harness 50 MW of green hydrogen capacity, tapping into Greece’s renewable energy push.
Despite the complexity inherent in the regulatory landscape, particularly as the Ministry of Environment and Energy crafts a new legislative framework, the company remains vigilant in its goal. The company has completed its Environmental Impact Study, anticipating approval by mid-2025.
The financial landscape surrounding this venture is multidimensional. While examining capital expenditures (CapEx) from sources like the Just Transition Fund and European programs, Triantafyllopoulos, CEO of the company, highlighted the strong interest from a French fund considering minority participation in the project’s special purpose vehicle (SPV). Such strategic partnerships are pivotal in navigating the competitive energy investment landscape.
Hellenic Hydrogen aims to collaborate with Greece’s electricity market, advocating for tailored regimes for substantial consumers and exploring potential operational subsidies with government bodies. Triantafyllopoulos stresses the necessity of affordable renewable electricity, underscoring the North 1 plant’s strategic role in absorbing surplus energy from curtailed photovoltaic operations.
On the infrastructural front, the synergy between hydrogen and conventional energy sources is critical. A prospective client for the North 1 hydrogen output is DEI’s Combined Heat and Power (CHP) unit in Kardia. With plans to connect the electrolysis plant in Amyntaio to Kardia through a 9 km pipeline, the interconnection exemplifies the flexibility required for hybrid energy models, leveraging both hydrogen and natural gas.
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