Letter of intent will look at using wind and solar power output from MRP’s project portfolio in the country, which includes the giant Andes Removable mega-development currently in construction, as the basis for up to 1 gigawatt of generating capacity of the two gases in the South American country. Hydrogen will play a vital role in accelerating decarbonization, as it has the potential to significantly cut (carbon dioxide) emissions by replacing fossil fuel through clean hydrogen and ammonia production and reduce the carbon footprint of industry users. This announcement is a very good example of what we can achieve together with our new strategic partner, Aker Horizons and moves Mainstream’s ambition beyond pureplay renewables generation to being a facilitator of the decarbonization of other industries.
Chile has a stated ambition to produce the most cost-efficient green hydrogen in the world by 2030, with the green ammonia being used by industrial end-users in South America, and exported to other international markets. Chile’s potential to become leaders in the production and export of green hydrogen, green ammonia and synthetic fuels will be key for the decarbonization of Chile and the planet, especially in hard-to-abate sectors, such as industry, heavy-duty transport, and maritime transportation. The country’s renewable energy capacity could leap by more than 50% by 2021 to 10GW, with the country now expecting to pass its target of having clean-energy meet 20% of national demand five years ahead of its original 2025 target. The rapid expansion of wind and solar power in Chile is on track to see the country drawing 70% of its power from renewable sources by 2050.