On March 3, Deputy Prime Minister Tran Luu Quang visited Europe’s largest green hydrogen plant of Iberdrola Energy Group, located in Puertollano, Spain.
Iberdrola Group is one of the world’s leading energy companies, creating more than 40,000 jobs around the world and having a net worth of more than €150 billion. In particular, Iberdrola is one of the leading enterprises in researching the production of green hydrogen gas – the energy source of the future; is operating 60 green hydrogen projects in 8 countries, including Spain, the UK, Australia, Brazil, the United States.
Iberdrola has a presence in Vietnam through the acquisition of Sowitec Vietnam Company in July 2021, thereby, taking ownership and operating rights over five 550 MW total capacity wind power projects in Gia Lai and Quang Binh that Sowitec Vietnam is investing in.
Iberdrola aims to invest 9 billion euros to raise its green hydrogen capacity to 3,500 tonnes by 2030.
Green hydrogen is expected to be the energy source of the future, the key to the world’s energy transition strategy, due to its ability to replace fossil fuels and can be accumulated, stored for a long time and then used on demand.
Because this is a new technology, it requires a large investment capital, and production costs are quite high. In addition, even the Iberdrola Group’s plant in Puertollano has not taken advantage of the oxygen and heat emitted by the production of green hydrogen.
Vietnam is in the process of completing the Power Plan VIII, which sets out a roadmap to develop power sources in line with the increasing proportion of renewable sources, gradually reducing environmentally unfriendly power sources.
Vietnam made a commitment at COP26 to bring net emissions to “zero” and to move towards a green economy so the energy transition is very important. To achieve this goal, Vietnam needs to mobilize a large amount of finance from domestic countries, international financial institutions and foreign corporations.