Developer of 20-GW green hydrogen project signs deal with Kazakh govt
- Prepare for a 20-GW green hydrogen project in Kazakhstan have actually taken an advance with the signing of a financial investment agreement between the European project developer and also the Kazakh federal government.
The agreement was signed in Astana on Thursday in the presence of Kazakhstan's head of state Kassym-Jomart Tokayev as well as the president of the European Council, Charles Michel.
The project is being recommended by Hyrasia One, a subsidiary of renewables developer Svevind Energy Group, which is based in Sweden as well as Germany. It requires the installment of about 40 GW of wind and also photovoltaic or pv (PV) power plants in the steppes of southwest Kazakhstan. The wind and solar parks will power 20 GW of electrolysers on the coastline of the Caspian Sea, with the ability of generating as much as 2 million tonnes of green hydrogen per year. This amounts about 20% of the EU's expected green hydrogen import needs in 2030, the developer noted.
The total expense of the project is estimated at in between USD 40 billion (EUR 39.9 bn) as well as USD 50 billion. The final investment decision is expected in 2026. The production of hydrogen could begin as early as 2030 as well as is anticipated to reach full capacity by around 2032.
The developer claimed the financial investment agreement specifies essential parameters such as the land to be made available and access to framework, offering it with assurance to press ahead with discussions with co-investors, clients and also plant suppliers.
The project has actually remained in development for three years as well as in the summer of 2022 finished its concept design study.
Talking about the project's place, Wolfgang Kropp, managing director of Hyrasia One as well as creator and chief executive of Svevind Energy Group, said: "The substantial steppes have excellent year-round wind problems and solar irradiance is far more intense than in Central Europe, for example."
As part of their conference on Thursday, the head of state of Kazakhstan as well as the president of the European Council invited an upcoming memorandum of understanding in between Kazakhstan and also the EU on a calculated collaboration on lasting resources, batteries as well as renewable hydrogen value chains.
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