What looked like the investment of the century, the green hydrogen plant in Río Negro, has just slowed down. The project that involves $8.4 billion slowed down because the law to frame the activity has not been passed, “besides the broken promises of the President, sources close to the Australian giant Fortescue, which has now focused its eyes and all its efforts on a project in Brazil.
There, with lightning speed, they approved the regulatory framework, They have provided the port and infrastructure and are disbursing $3.6 billion.
Fortescue’s chosen venue to announce the construction of his plant in Argentina was the COP26 climate summit, which took place in Glasgow, Scotland in 2021.
The decision to settle in the country was taken after Fortescue’s president, Andrew Forrest, and his representative in the region, former rugby player Agustín Pichot, toured 12 countries in 3 months. Then came the stage of convincing the banks and there were talks with JP Morgan, Santander, the BID and the CAF as international credit institutions.
They were asked why Argentina. And Fortescue convinced them, as reported.
Obviously they went with a series of requirements before President Alberto Fernández. So they claimed access to a competitive dollar, tax free for wind farm development fiscal stability for 30 years. “The president told everyone yes, but there was no definition after that,” they released.
In the company, the effort of the governor of the Río Negro, Arabela Carreras and his successor Alberto Weretilneck stand out. To such an extent that the company begins the environmental study that lasts a year, opens offices in Viedma and Buenos Aires where it serves the territory and has hired 180 people. reversed cables $150 million and undertook a copper mining project in San Juan.
But if until now Argentina was their main draw worldwide, he dropped to 20th place and they put the Ceará player to work in northeastern Brazil.
They have already prepared the port of Fortaleza, a key to exports, which is a partnership between the Dutch port of Rotterdam (30%) and the state of Ceará (70%). They have access to wind energy at a tiered price and the large land they need.
Green hydrogen is obtained in plants which, through renewable energy and the use of fresh, clean water, separate hydrogen from oxygen using a method called electrolysis.
The hydrogen molecules are stored and then used as fuel.
Green hydrogen is considered the fuel of the future and its production grows on a planet punished by climate change and the need to decarbonise.
In the United States, President Joe Biden has decided to subsidize every kilogram of green hydrogen with $3. On the same road Europeans, Australians and Japanese. In Argentina they look the other way.
Source: Clarin
