For our memebrs, We are organising a visit from Vaasa EnergyWeek to Kristinestad, where several hydrogen projects are being planned. The most advanced of these is a project by wind power company CPC Finland and German investment company Prime Capital to build a 200-megawatt emission-free hydrogen and synthetic methanol production plant in Karhusaari, Kristinesad. The total value of the investment is €450 million.
The plant will produce hydrogen from water through electrolysis. The hydrogen will then be further processed into synthetic methanol. The current plan is to sell the entire production for use as fuel in heavy transport.
The project is not dependent on fluctuations in market prices for electricity, as wind and solar power parks will supply electricity to the production plant under a long-term power purchase agreement. CPC Finland and Prime Capital will produce approximately 80 percent of the electricity required by the plant themselves. 200-megawatt wind farms will be completed for the Karhusaari plant by the end of this year. In addition, a group of other wind and solar power plants with a capacity of 600 megawatts are awaiting approval.
When the plant is completed, it will directly employ approximately 30 people. The plant will also indirectly employ more people, for example in ports. During the construction period, the plant’s employment impact will be significantly greater.
Prime Capital, a German company involved in the Kristinestad project, has also financed the emission-free hydrogen production plant built by P2X Solutions in Harjavalta. Similarly, CPC Finland already has several wind power projects in Finland.