Plug Power Inc., a provider of turnkey hydrogen solutions for the global green hydrogen economy, has revealed plans to develop three green hydrogen production plants in Finland, resulting in the production of 850 tonnes per day (TPD) of green hydrogen, or 2.2 gigawatts (GW) of electrolyser capacity, by the end of the decade with final investment decision (FID) by 2025/2026.
Plug said that by using its PEM electrolyser and liquefaction technology, the green hydrogen produced at these sites will support the production of ammonia and green direct reduced iron (DRI), reduce dependence on fossil fuels and materially support the decarbonisation of Europe.
In regard to the project, Plug noted it has initiated discussions with large financial investors and debt providers, adding that it expects the capital structure to include a majority of non-recourse debt, similar to other renewable asset financing.
Three Finnish municipalities will be involved in the project, Plug informed:
For the development of the ammonia plant, Plug said it is partnering with Hy2Gen, the project developer of renewable hydrogen, ammonia and hydrogen-based e-fuels, adding the two will extend their collaboration on the development of hydrogen derivatives (e-fuels, methanol and ammonia) on other projects in the region.
For the development of the DRI/HBI plant, Plug noted it is partnering with GravitHy, an industrial company dedicated to decarbonising the steel value chain and in which Plug was a founding partner alongside other large corporations.
Andy Marsh, CEO of Plug stated: “Plug is accelerating its commitment to Europe at an unprecedented scale with these three planned historic industrial sector projects collaborating with both financial and industrial partners. We are proud to commit our know-how and turnkey hydrogen solutions towards helping Finland deliver on its vision to become a European leader of the green hydrogen economy.”
Finland’s Minister of Economic Affairs Mika Lintilä commented: ”I am very pleased to see Plug has identified Finland as the right place for their investments. We have ambitious goals in the hydrogen economy, so investments like this are exactly what we need. This is a big part of the future of Finnish industrial policy.”
In addition to the hydrogen production plans, Plug revealed it has executed Memorandums of Understanding (MoUs) with Fingrid, Finland’s electricity transmission system operator, and Gasgrid, Finland’s natural gas transmission system operator, to ensure electric grid capacities and development of hydrogen infrastructures.