Iberdrola, a global energy and electricity provider, announced plans to invest more than €1.1 billion in Australia to build green hydrogen and green methanol production plant in collaboration with hydrogen developer ABEL Energy. The plant will produce 300,000 tonnes of green methanol for marine fuel making it one of the largest in the world.
The new project at Bell Bay in northern Tasmania follows Iberdrola’s recent commitment to invest between €2 and €3 billion in Australia to accelerate the transition to renewable energy and increase its capacity in the country to 4GW.
“Iberdrola Australia’s investment in the Bell Bay Powerfuels Project demonstrates our commitment to helping Australian businesses reduce their carbon emissions in sectors where historically, both technically and economically, it has been more difficult to make this transition.”
Ross Rolfe, CEO and Managing Director of Iberdrola Australia.