A new funding of 60 billion Danish crowns ($8.77 billion) has been earmarked for the development of a green energy park, Danish renewable energy developer GreenGo Energy has said.
In a statement released on Tuesday, the company said that it was cooperating with a local municipality, Ringkobing-Skjern, in western Denmark to develop 4 gigawatts (GW) of solar and wind energy for green fuel production, helping to cut emissions.
The ‘Megaton’ project could be operational before 2030, as it aims to produce 1 million tonnes of green fuel, such as hydrogen, by converting renewable energy through electrolysis.
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Green fuels are necessary to achieve the global climate goals for 2050 and will also help Denmark to achieve its 2030 goal of a 70% reduction in CO2 emissions, GreenGo said, adding that the 4 GW will stem from GreenGo’s existing solar and wind projects in the municipality, in addition to 2 GW of offshore wind it plans to develop, although the final placement is yet to be decided.
Combined, these units will produce 11.5 terawatt hours (TWh) of green power annually, corresponding to more than 30% of Denmark’s current total power consumption and the green fuel production will consume 85% of the expected power generation, the company said.
Meanwhile, the project will also provide more than 1 TWh of surplus heat to the district’s heating system, with further spare heat and power intended for industries such as greenhouses or vertical farms. The entire project will create 300-500 permanent local jobs, GreenGo added.
Story was adapted from Reuters.
