Spanish oil company Cepsa plans to invest 3 billion euros ($3.1 billion) in a green hydrogen project in Andalusia, southern Spain, Chief Executive Maarten Wetselaar said on Thursday.
Green hydrogen, or hydrogen produced from renewable energy, is seen as a solution to decarbonising heavy transport including commercial shipping and airlines, and Spain has signalled its ambition to become a major player, with its ample solar and wind power and proximity to sea providing renewable energy options.
Wetselaar said Cepsa would also invest 2 billion euros in renewable energy in the region to power the plants. But given the high cost of producing the fuel, the project's success will depend on whether Cepsa can secure a steady demand, said Faig Abbasov, shipping programme director at Brussels-based NGO umbrella group Transport & Environment, which promotes sustainable transport in Europe.
Cepsa in October signed a deal with the Dutch port of Rotterdam to ship green hydrogen from southern Spain to northern Europe. It could start shipping hydrogen from Algeciras as early as 2027, the company said.
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