Lisbon, October 11, 2023 – MadoquaPower2X (MP2X), a Portuguese, Danish and Dutch international consortium led by Madoqua Renewables, announces an increase in investment to 2.8 billion euros for the Green Hydrogen and Ammonia production units in the Sines industrial zone.
The MP2X project publicly announced on April 22, 2022, has already completed several important milestones in its development and this positions the project as a highly mature project, duly recognized by the national authorities. An additional €1.5 billion for Phase 2, to the already publicly announced €1.3 billion in investment to implement phase 1 of the project, thus making it the largest project in Europe, surpassing 1GW of green hydrogen production capacity.
MP2X will continue to promote the circular value chain, lower CO2 emissions, reduce dependence on fossil fuels, namely by reducing imports of natural gas, significantly boosting compliance with the national and European objectives set out in the national (PNEC 2030) and European (REPowerEU) strategies for decarbonization and in the national strategy for Hydrogen (EN-H2). The production of these green energy carriers, an activity classified as “sustainable” according to the latest European Union taxonomy, will generate sustainable economic growth and territorial cohesion for Portugal.
CEO of aicep Global Parques, Isabel Caldeira Cardoso, the development of this investment reflects the ambitions of the initial project, for which the promoters have already reserved 59 hectares of land in ZILS – Sines Industrial and Logistics Zone, more than doubling the initial 25 hectares reserved in the initial phase. All national entities are very committed to the success of MadoquaPower2X project, aware of its importance in contributing to the inevitable energy transition. It’s another exciting challenge for the aicep Global Parques team to welcome this PIN – Project of National Interest in ZILS, which we have embraced from day one, because of its relevance to achieving the goals of the 2030 agenda.”
The consolidated strategic investment vision favors the creation of 265 highly qualified permanent jobs and 6,000 indirect jobs established through local partnerships and with academia from 2025 onwards. The project of national interest allows Portugal to be a pioneer in implementing this type of projects and MP2X has been officially recognized on 10th May 2023, as part of the “Hydrogen Valley” initiative led by the European Commission through the Mission Innovation and Clean Hydrogen Partnership.
Non-Executive Director of MadoquaPower2X, Marloes Ras, stresses on the ambition of the project, based on an eight-year strategic development plan, and points out that “the first phase of the project alone already corresponds to 20% of Portugal’s national targets in the context of green hydrogen production at European level. The project continues to be an essential element of the producer segment to feed into the Northwest Europe Hub energy receiver segment of the value chain”.
The Non-Executive Director of MadoquaPower2X, Marloes Ras, highlights the ambition of the project based on an eight-year strategic plan, and recalls that “the first phase of the project alone already corresponds to 20% of the Portuguese targets in the context of European green hydrogen production. MP2X is essential to contribute to the European autonomy in terms of energy and food (fertilizer) value chains through the consumption and production of hydrogen and commercialization of Green Ammonia”.
Phase 1 will use 560 MVA of capacity to annually produce 50,000 tons of hydrogen and 300,000 tons of green ammonia using renewable electricity and with the announcement of the Phase 2 development, the project will use an electrical connection of 1400 MVA to produce a total of 150,000 tons of hydrogen and more than 1 million tons of green ammonia annually.
MP2X is and will continue to be a truly European direct driver of other national investments in the hydrogen production value chain in Sines, with technical and commercial partnerships to buy hydrogen produced by third parties. MP2X provides for the construction and operation of solar and wind farms that will produce the renewable energy dedicated to the industrial unit in Sines, to be implemented in inland, deconcentrated, and dispersed areas of the Portuguese territory. Thus, in addition to Phase 2, this project will also contribute towards greater territorial balance and cohesion.
Madoqua Renewables is a Portuguese industrial transformation and development company focused on energy transition and delivery of new generation industrial process assets with a specific focus on net zero carbon projects. Madoqua Renewables is developing project assets valued at €2 billion across the hydrogen value chain.
Power2X is a CPP backed project developer and management consultancy for energy transition projects across Europe, Africa and the Middle East. The company is based in Amsterdam and works with several business partners on new projects in the energy transition.
Copenhagen Infrastructure Partners was founded in 2012 and is today the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. CIP manages ten funds and has to date raised approximately EUR 26bn for investments in energy and associated infrastructure from more than 120 international institutional investors. CIP will accelerate its role in the global energy transition and aims to have EUR 100bn under management in green energy investments by 2030.
For more information:
https://madoquaventures.com https://power2x.com https://cipartners.dk
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