Colombian state-controlled energy firm Ecopetrol plans to invest $28.5 million in constructing a state-of-the-art green hydrogen plant in Cartagena.
The plant is projected to produce 800 tonnes of green hydrogen annually, making it Latin America’s largest of its kind, as announced on Monday.
This project aligns with President Gustavo Petro’s vision to reduce Colombia’s dependency on fossil fuels. Ecopetrol, Colombia’s leading company, also aims to participate in upcoming auctions for offshore wind projects, signaling its shift towards cleaner energy solutions. The production of low-emission hydrogen could significantly boost the company’s financial performance by an estimated $400 million to $485 million in annual earnings before interest, taxes, depreciation, and amortization by 2040, according to Ecopetrol’s statement.
(With inputs from agencies.)
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Publish date : 2024-12-02 03:09:00
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