Danish developer European Energy has acquired a majority stake in a company developing a 3600MW solar and PtX project in Australia.
European Energy’s acquisition of Austrom, based in Queensland, will accelerate the 3.6GW Pacific Solar Hydrogen Project in the Gladstone region, the developer said.
European Energy will be doing the development work as well as managing the grid process for the Pacific Solar Hydrogen Project portfolio.
Austrom has already secured the rights to four renewable sites covering 6000 hectares in proximity to the Gladstone export hub.
The Pacific Solar Hydrogen Project is estimated to be able to produce well over 100,000 tonnes of green hydrogen a year.
“It is one of the biggest projects that we or anyone in the world for that matter have undertaken.
“We do believe that it is feasible and realistic to realise this project in 2026 not least because of the willingness of the local authorities in Australia to see the possibilities of moving ahead on the green transition and become a key exporter of the fuel of tomorrow” said Thorvald Spanggaard, Executive Vice President at European Energy and Head of Project Development.
Austrade and Trade and Investment, Queensland (TIQ) stated it was pleased to welcome a major international investment in renewable energy in Queensland.
“Austrade welcomes European Energy’s investment in Austrom, as the company develops the Pacific Solar Hydrogen Project in Queensland.
“European Energy is a welcome new entrant into Queensland’s hydrogen future. We wish the companies well as they work towards developing the Pacific Solar Hydrogen Project” said Acting CEO Trade and Investment Queensland, Richard Watson.
Austrom is an Australian enterprise specialising in the procurement and development of large-scale renewable projects.
In September 2022, Austrom and European Energy agreed that European Energy would acquire a majority stake in Austrom.
European Energy said it will be accelerating the formal development and grid connection processes for the Pacific Solar Hydrogen Project portfolio in the coming months.