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Mainstream Renewable Power And Aker Clean Hydrogen Collaborate In Chile
Renewables | 20 February 2021

Norway’s Aker Clean Hydrogen and Green energy group Mainstream Renewable Power have signed a Letter of Intent (LOI) to explore the development of green hydrogen and low-cost ammonia production in Chile, uniting Aker Clean Hydrogen’s hydrogen project development capabilities and Mainstream Renewable Power’s position as a leading renewable energy developer in the South American country.

The two companies will soon join forces to develop a finalized, complete, and commercially feasible green value chain in Chile, utilizing renewable power from Mainstream Renewable Power’s portfolio of solar park and wind projects in the country.

Juan Carlos Jobet, Minister of Energy and Mining of the Chilean government said in a statement, "Chile’s stable institutions, in addition to responsible fiscal policy, controlled inflation and multiple international trade agreements, make Chile an ideal location for foreign investments".

Mainstream Renewable Power’s 1.3 Giga-watts (GW) Andes Renovables wind and solar generation platform is currently in construction and the first phase is expected to commence commercial operation later in 2021. The Andes Renovables platform also has an extensive additional project development portfolio, more than 1 GW of which is assigned for this green hydrogen and ammonia partnership with Aker.

Aker Clean Hydrogen is an entirely owned subsidiary of Aker Horizons that is dedicated to producing green hydrogen at an industrial scale. The company has been set up to design, build own, and operate major hydrogen facilities all over the world.

Kristian Røkke, Chief Executive Officer of Aker Horizons said that Hydrogen is going to play a major role in accelerating decarbonization, “as it has a high potential to significantly cut CO2 emissions by replacing fossil fuel through clean hydrogen and ammonia production and reduce the carbon footprint of industry users".

Chile has expressed an ambition to produce the most cost-efficient green hydrogen in the world by 2030. The green ammonia will be utilized by several industrial end-users locally in South America, and also be exported to other markets.

The two companies will have distinctive access to additional opportunities through extensive local competence, track record, and relationships in the country, which Mainstream Renewable Power first entered back in 2008.

"Chile’s potential to become leaders in the production and export of green hydrogen, green ammonia, and synthetic fuels will be the key for the decarbonization of Chile and the planet, especially in hard-to-abate sectors, such as industry, heavy-duty transport, and maritime transportation. Our National Green Hydrogen Strategy is beginning to be implemented to translate our vast renewable resource potential into competitive clean energy investment," said Minister Jobet.

On 19 January 2021, Aker Horizons declared an agreement to acquire 75 percent of Mainstream Renewable Power. The transaction is yet subjected to customary approvals and the financial closing is expected in 2Q2021.


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