European Energy Acquires Majority Stake in Australian Company to Develop 3.6GW Pacific Solar Hydrogen Project

Danish developer European Energy has acquired a majority stake in Austrom, an Australian company focused on the procurement and development of large-scale renewable projects. The acquisition will help to expedite the 3.6GW Pacific Solar Hydrogen Project in the Gladstone region of Queensland.The project is estimated to produce more than 100,000 tonnes of green hydrogen annually and is expected to be completed by 2026. Thorvald Spanggaard, Executive Vice President at European Energy and Head of Project Development, stated that this is “one of the biggest projects that we or anyone in the world for that matter have undertaken” and believes it is feasible and realistic to realise this project in 2026 due to local authorities’ willingness to move forward with the green transition.Austrade and Trade and Investment Queensland (TIQ) welcomed European Energy’s investment in Austrom for developing the Pacific Solar Hydrogen Project. Acting CEO Trade and Investment Queensland, Richard Watson said “European Energy is a welcome new entrant into Queensland’s hydrogen future” as they work towards developing the project. European Energy will be managing the grid process for the Pacific Solar Hydrogen Project portfolio as well as undertaking development work in coming months. The project covers 6000 hectares near Gladstone export hub which has already secured rights from four renewable sites.

Summary

• European Energy has acquired a majority stake in Austrom, an Australian enterprise specialising in the procurement and development of large-scale renewable projects.
• Austrom has secured the rights to four renewable sites covering 6000 hectares in proximity to the Gladstone export hub.
• European Energy will be accelerating the formal development and grid connection processes for the Pacific Solar Hydrogen Project portfolio in the coming months.

What is the timeline for the development and grid connection of the Pacific Solar Hydrogen Project portfolio?

European Energy plans to complete the development and grid connection of the Pacific Solar Hydrogen Project portfolio by 2026.
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Picture source: Dan Freeman