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The European Commission has awarded up to EUR370m to Italian grid operator Snam [SRG:IM] and several energy companies that will build a ‘Green Hydrogen Valley’ in Italy’s southern region of Puglia, as reported by Reuters on February 27. Italian energy company Edison [EDNn:IM], energy contractor Saipem [SPM:IM], and financial group Generali’s [CASI:IM] green finance arm Sosteneo SGR will own a 45%, 10%, and 40% stake in the project, respectively, with the remaining 5% held by the Italian government. These companies plan to establish 260 megawatts (MW) of solar capacity and 160 MW of electrolysis capacity around the cities of Brindisi and Taranto to produce green hydrogen. The green fuel will be used to decarbonize the manufacturing of direct reduced iron (DRI) at Italy’s largest steel plant in Taranto as well as other Italian steel mills.
The ‘Green Hydrogen Valley’ is poised to contribute to the decarbonization of two of Italy’s largest industrial steel hubs. The initiative is included in the Commission’s Important Projects of Common European Interest (IPCEI) list, which can benefit from funds from the European Union for project development. Additionally, the Commission has also included Snam’s pipeline renovation project in its IPCEI list. The project, expected to commence operation in 2028, involves around EUR100m of investments to renovate existing pipelines and install new ones for the ‘Green Hydrogen Valley’ initiative. The significant investments in the green hydrogen program aim at turning Puglia into a beacon of renewable energy production, demonstrating the potential of green hydrogen in revolutionizing the region’s energy landscape.
Sources:
https://www.reuters.com/sustainability/climate-energy/eu-awards-italian-energy-groups-402-mln-green-hydrogen-2024-02-26/
https://etn.news/buzz/europe-puglia-green-hydrogen-valley
https://bnnbreaking.com/world/europe/italys-puglia-region-to-transform-into-europes-green-hydrogen-valley-with-370m-boost
