Neoenergia signs green hydrogen MoU with Brazil's Pernambuco state

Hydrogen tanks. Source: US Office of Energy Efficiency & Renewable Energy

June 14 (Renewables Now) - Brazilian utility company Neoenergia SA (BVMF:NEOE3) announced that it will take part in a green hydrogen pilot project to be set in Brazil's Pernambuco state.

On Thursday, the Pernambuco state government and the energy company signed a memorandum of understanding (MoU) to cooperate on developing the project within the state's Suape Port - Governor Eraldo Gueiros Industrial Complex.

The partners will look into ways to make the demand for green hydrogen viable and prepare the Suape Port to become a production hub in the future. The port has a petrochemical complex and is strategically positioned to provide a range of services for overseas markets, which makes the green hydrogen cooperation of extreme importance for the country, according to the statement.

Initially, the agreement will have a one-year term, which can be extended, Neoenergia said.

The MoU is aligned with the strategy of Neoenergia's parent company, Spanish utility group Iberdrola SA (BME:IBE), which is involved in a number of green hydrogen projects at home. Its Brazilian subsidiary boasts an installed energy mix that is over 80% renewable. Once ongoing projects are finalised, renewables will make up for 90% of Neoenergia's installed capacity in 2022, the company added.

More stories to explore
Share this story
Newsletter
Tags
 
About the author
Browse all articles from Lucas Morais

Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

More articles by the author
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\