Hyundai Motor Group said on Monday it has signed a 174-megawatt power purchase agreement (PPA) with a solar energy project led by Spain's Matrix Renewables to power its envisioned electric vehicle (EV) plant in the United States with renewable energy.
This initiative will utilize about 500 MW of high-capacity utilization factor (CUF) renewable energy for producing green hydrogen, a crucial feedstock for green ammonia.
"To further accelerate our efforts, we not only need financial backing but also strategic industry collaborations. The current round of funding will allow us to accelerate our expansion efforts and promote India’s transition to sustainable green energy," said Tilak Minocha, Chief Finance Controller, of GPS Renewables.
But Bajraktari changed his mind after a study published in peer review journal Science in January revealed a reservoir containing between 5,000 and 50,000 tons of hydrogen locked beneath the mine that could eventually help provide an answer to reducing emissions from the region.
This partnership aims to leverage Hydrogenious' Liquid Organic Hydrogen Carriers (LOHC) technology for the safe and efficient transportation of hydrogen, with an eye on extending the supply chain from the USA to Europe in the future.
As India aims to become a USD 5 trillion economy, the concept of green GDP becomes a crucial factor, which takes into account the environmental costs of production. "All growth metrics are anti-climate today like which country is consuming more energy or using steel and we tend to follow that. This mindset needs to be changed," PM Modi told the billionaire philanthropist.
Renewables have much higher up-front costs to build wind farms, solar arrays and more, and that borrowing costs money. After that, operating costs are negligible since the wind and sun are free, of course - but high interest rates have made it harder to get new projects off the ground.
Thanks to a combination of China’s energy insecurity — pushing Beijing back to trusted power sources — plus rising Indian demand, the continued fallout from the war in Ukraine and faltering international programs to wean developing economies off fossil fuels, coal is proving remarkably resilient. Output hit a record last year, and producers are preparing for a future where they will be required for decades yet to balance renewable energy.
U.S. District Judge William Conley issued a preliminary injunction suspending U.S. government approvals for the land swap during a hearing in Madison, Wisconsin, in a challenge to the nearly complete USD 649 million Cardinal-Hickory Creek high-voltage line brought by three environmental groups, attorneys for the groups and representatives for the project developers said.
"The loan will be priced 110 basis points above the six-month SOFR rate with a reset clause after every six months linked to the then prevailing SOFR rate," said a person familiar with the deal. One basis point is 0.01 percentage point. The six-month SOFR is around 5.39%. The final pricing of deal is likely to be around 6.49%. Bank of Baroda has agreed to underwrite the whole amount initially with a possibility of a loan syndication after a few months.
A wholesale move to hydrogen will need significant new demand, which could only come with investments in infrastructure to reduce the cost.
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