ANDE and Itaipu agree to boost green hydrogen energy project in Paraguay
RIO DE JANEIRO, BRAZIL – The objective of signing the memorandum of understanding (MOU) between Atome Paraguay and ANDE (the Paraguayan National Electrical Energy Agency) is to supply up to 250 megawatts of power for the company’s production line, according to the company.
The project will install a green hydrogen plant located on the river, which will imply a logistical advantage in the future industrial economic zone. It will be low carbon within the Itaipu Technological Park, adjacent to the binational dam.
Read also: Check out our coverage on Paraguay
The British firm stated that the green hydrogen plant would provide a competitive advantage to the country, with which it will be able to give the region ammonia within the agricultural sector. In addition, this will promote Paraguay’s decarbonization, create local employment, and stimulate the economy.
The signed memorandum is the precedent for a full-fledged power purchase agreement scheduled for 2022, which aims to facilitate production in late 2023 or early 2024.
James Spalding, president of Atome Paraguay and former CEO of Itaipu on the Paraguayan side, noted that the signing represents “a firm step towards the common goal.” He also indicated that the installation of the future green hydrogen and ammonia production plant would cooperate with the Itaipu Binacional Technological Park.
Related note: British firm to invest US$ 550 million to produce hydrogen
“On behalf of the Atome team, I would like to reaffirm our commitment to move decisively to support Paraguay’s decarbonization strategy and economic development, based on clean and renewable energy,” said the businessman.
For his part, Félix Sosa, head of ANDE, said that “Paraguay’s energy must be used as the main driver of the country’s economic and social development. For this to happen, the industrial sector needs to develop further. We look with great enthusiasm at the coming of international investments to Paraguay, even more so when they bet on innovative processes focused on sustainable development.”
Atome Paraguay is part of Atome Energy PLC, a British company focused on producing green hydrogen and ammonia, a subsidiary of President Energy PLC, investing in the country for ten years. So far, it has invested more than US$ 100 million in Paraguay and will project millions more by 2022, outside the Atome project.
Key Facts
— Deep Dive
— For the complete picture, read our in-depth guide: Paraguay: Washington's Most Valued Ally in Latin America
More: Brazil news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief