Mainstream Renewable Power to explore green hydrogen with Chilean wind and solar projects

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Image: Toshiba Corporation.

Green energy group Mainstream Renewable Power and Norway’s Acker Clean Hydrogen have signed a letter of intent to explore the development of green hydrogen in Chile.

The collaboration will use renewable power from 1GW of Mainstream’s portfolio of wind and solar park projects in the country.

Carlos Jobet, Chile’s minister of energy and mining, said the country’s “stable institutions…fiscal policy, controlled inflation and multiple international trade agreements, make Chile an ideal location for foreign investment.”

Mainstream’s 1.3GW portfolio of wind and solar assets is currently under construction, with the first tranche of projects due to commence commercial operation later this year. It also has an additional 1GW pipeline, which has been earmarked for the green hydrogen partnership with Aker.

Aker Clean Hydrogen is a new subsidiary of renewables investor Aker Horizons, which also launched this week. Aker Horizons plans to list the business unit on Oslo’s Euronext Growth equity trading market in the future, as well as use it to develop 5GW of green hydrogen capacity by the end of the decade. The company currently has 1.3GW in its development pipeline.

Aker Clean Hydrogen said it would collaborate with Mainstream to “develop a global scale and commercially viable green value chain in Chile with a significant export potential.” Aker said it would also look to bring the cost of production to US$1.5/kg by 2030.

The announcement comes a month after Aker Horizons, the renewables arm of investment company Aker, announced it will acquire a 75% stake in Mainstream, which is due to close in the second quarter of 2021. The purchase valued the solar and wind project developer at €1 billion (US$1.21 billion).

Aker Horizons is also preparing for a potential near-term private placement for Aker Clean Hydrogen, which is expected to have a minimum placement of €100,000 (US$121,340).

Kristian Røkke, Aker Horizons’ chief executive officer, said the new division will be address “a massive market poised for global growth, with an opportunity to have a significant impact on CO2 reductions.”

Manuel Tagle, Mainstream’s chief executive for Latin America, said that Chile “has the potential to lead the world in the production of the world’s most cost efficient green hydrogen.”

Read Next

June 28, 2022
Utility-scale renewables developer Intersect Power has secured US$750 million in funding to take its portfolio of renewables, energy storage and green hydrogen projects beyond 8GW.
June 28, 2022
Energy giant Statkraft intends to develop 4GW of onshore renewables each year by 2030, an acceleration of its previous 2025 target of 2.5GW - 3GW.
PV Tech Premium
June 22, 2022
The race for green hydrogen dominance is on, with global markets ramping up the scale of their ambition in terms of deployment. But this too is causing a further fight for market share among the three core electrolysis technologies, as Jonathan Tourino Jacobo learns.
June 20, 2022
Uruguay has launched its green hydrogen roadmap that will see the country aim to install 20GW of renewables as well as 10GW of electrolysers by 2040.
PV Tech Premium
June 17, 2022
Grenergy’s CEO talks to PV Tech about the developer’s ambitions for European solar and vision for co-located solar-storage future.
June 15, 2022
Energy major bp will acquire a 40.5% stake in and become operator of a green hydrogen project in Western Australia that could feature up to 26GW of solar and wind when complete.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
July 19, 2022
Free Webinar - 10am and 6pm BST
Upcoming Webinars
July 27, 2022
9am (UTC +2) / 3pm (UTC +8)
Solar Media Events
October 4, 2022
New York, USA