The “joint venture” NeoGreen Portugal will invest more than one billion euros in the construction of a green hydrogen Sines plant.
The installation of an “electrolyzer complex of more than 500MW,” according to aicep Global Parques in a statement, required an investment of over one billion euros. NeoGreen Hydrogen Corp (Canada) and Frequent Summer SA, a Portuguese company, collaborated on the project.
The surface right reservation contract is signed on Monday in Lisbon in the presence of Bernardo Ivo Cruz, the Secretary of State for Internationalization, and pertains to the installation of the “green” hydrogen and derived fuels production unit on a 10.5-hectare plot of the Sines Industrial and Logistics Zone (ZILS).
Green hydrogen Sines plant will, in the words of the official who was cited in the release, “embody the National Strategy for Hydrogen in the constitution of a “Sines Hydrogen Valley,” achieving the Government’s commitment to expanding the Portuguese economy based on a dual-energy and digital revolution.”
In the words of the executive, “Sines is currently consolidating, installing or attracting investments in Logistics, Industry & Energy, and Telecommunications from the most diverse geographies: Portugal, Spain, France, Italy, Germany, Switzerland, Holland, Denmark, Poland, Sweden, United Kingdom, Ireland, Thailand, Singapore, Malaysia, China, Australia, Brazil, USA, and of course Canada.”
In response, Chris Corson, executive chairman of NeoGreen Hydrogen Corp., stated that the partnership is “especially exciting” for the company, which has “a portfolio of green hydrogen projects around the world.”
In the same statement, the responsible party added, “Having a project in the heart of the EU [European Union], which will be one of the main centers of demand for hydrogen in the coming years, is strategic for us as a company and we hope to build on this opportunity alongside our partners at Frequent Summer.
Rogério Ponte, a member of the Frequent Summer Board of Directors and a company that has been building photovoltaic parks for more than 20 years in a number of nations, emphasized that this project “is a continuation of the commitment to innovation and the future of renewable energies” and “the sustainability that this enormous H2V project represents for the Sines region and for Portugal.”
Filipe Costa, executive director of aicep Global Parques, the organization in charge of managing ZILS, responded by saying that NeoGreen’s potential investment of one billion euros in the Port, Logistics, and Industrial Complex of Sines is a part of a “pipeline” of initiatives that will total about 20 billion euros by the year 2030.
“2,500 million euros are planned for maritime and land logistics, 12,500 million euros for decarbonized and circular industrial projects, and 5,000 million euros for telecommunications, undersea cable mooring stations, and data centers,” the official claimed.