Bankinter | Iberdrola has reached an agreement with the Abel Enery group to build a hydrogen and green methanol production plant in Bell Bay, in northern Tasmania (Australia). The investment required will be 1.1 billion euros. The project, called Bell Bay Powerfuels, is backed by the Australian government and will be one of the biggest plants in the world.
The production capacity of the new plant will be 200.000 tonnes of green methanol per year in the first phase of development, reaching 300.000 tonnes in the second phase.
Analyst team’s view: Good news. This project is included in the investments in the Strategic Plan 2023-25 which total over 47 billion euros in the period and serve as the basis for the group’s growth over those years. The investments are focused on renewables and networks. This project comes within the renewables area.
Methanol is a chemical compound which is in great demand in a multitude of industrial applications (anti-freeze, solvents) in construction materials and in the production of synthetic fuels. Green menthanol is produced like a renewable and does not generate contaminating emissions.
