May 17, 2020

Mitsubishi Invests in Acciona Concentrated Solar Power in Spain

mitsubishi-invests-acciona-concentrated-solar-power-spain
Admin
2 min
Mitsubishi invests in Acciona concentrated solar power
Mitsubishi Corporation has entered the concentrated solar power (CSP) market with investments in four CSP power plants in Spain. The four plants were he...
Mitsubishi Corporation has entered the concentrated solar power (CSP) market with investments in four CSP power plants in Spain. The four plants were held by Spanish solar power giant, Acciona, and generate a total of 200 MW of electricity. Mitsubishi now owns 15 percent of Acciona’s concentrated solar power in Spain.

Mitsubishi
along with three Japanese investment banks have agreed to finance Acciona with support from Nippon Export Investment Insurance. This makes Mitsubishi the largest owner of concentrated solar power of any Japanese company to date.

Mitsubishi plans to benefit greatly from the investment into Acciona’s concentrated solar power plants in Spain thanks to Acciona’s established pre-allocation relationship with the country’s energy regime. The garrement allows Acciona’s solar projects to receive special funding for operations through the Spain’s renewable energy feed-in tariff.

SEE OTHER TOP STORIES IN THE WDM CONTENT NETWORK

Of the four power plants Mitsubishi invested in, three are already operational, while the fourth—the Palma del Rio power plant—is expected to come online in the fall, generating 450 million kW hours of electricity, reducing CO2 emissions by 430,00 tons.

Concentrated solar power—unlike photovoltaic solar panels—concentrates the sun’s heat to boil water and generate steam to power turbines, thus creating electricity.

Mitsubishi Corp. is Japan’s largest trading company with 200 bases of operation in over 80 countries, employing over 55,000 people. Mitsubishi’s investment in the concentrated solar power market marks a new income stream for the company, which is already invested in over 500 group companies involved in various different market sectors.
 

Share article

Jun 7, 2021

Trafigura and Yara International explore clean ammonia usage

Shipping
fuel
Decarbonisation
ammonia
Dominic Ellis
2 min
Commodity trading company Trafigura and Yara International sign MoU to explore developing ammonia as a clean fuel in shipping

Independent commodity trading company Trafigura and Yara International have signed an MoU to explore developing ammonia as a clean fuel in shipping and ammonia fuel infrastructure.

Reducing shipping emissions is a vital component of the fight against global climate change, yet Greenhouse Gas emissions from the global maritime sector are increasing - and at odds with the IMO's strategy to cut absolute emissions by at least 50% by 2050. 

How more than 70,000 ships can decrease their reliance on carbon-based sources is one of transport's most pressing decarbonisation challenges.

Yara and Trafigura intend to collaborate on initiatives that will establish themselves in the clean ammonia value chain. Under the MoU announced today, Trafigura and Yara intend to work together in the following areas:

  • The supply of clean ammonia by Yara to Trafigura Group companies
  • Exploration of joint R&D initiatives for clean ammonia application as a marine fuel
  • Development of new clean ammonia assets including marine fuel infrastructure and market opportunities

Magnus Krogh Ankarstrand, President of Yara Clean Ammonia, said the agreement is a good example of cross-industry collaboration to develop and promote zero-emission fuel in the form of clean ammonia for the shipping industry. "Building clean ammonia value chains is critical to facilitate the transition to zero emission fuels by enabling the hydrogen economy – not least within trade and distribution where both Yara and Trafigura have leading capabilities. Demand and supply of clean ammonia need to be developed in tandem," he said.  

There is a growing consensus that hydrogen-based fuels will ultimately be the shipping fuels of the future, but clear and comprehensive regulation is essential, according to Jose Maria Larocca, Executive Director and Co-Head of Oil Trading for Trafigura.

Ammonia has a number of properties that require "further investigation," according to Wartsila. "It ignites and burns poorly compared to other fuels and is toxic and corrosive, making safe handling and storage important. Burning ammonia could also lead to higher NOx emissions unless controlled either by aftertreatment or by optimising the combustion process," it notes.

Trafigura has co-sponsored the R&D of MAN Energy Solutions’ ammonia-fuelled engine for maritime vessels, has performed in-depth studies of transport fuels with reduced greenhouse gas emissions, and has published a white paper on the need for a global carbon levy for shipping fuels to be introduced by International Maritime Organization.

Oslo-based Yara produces roughly 8.5 million tonnes of ammonia annually and employs a fleet of 11 ammonia carriers, including 5 fully owned ships, and owns 18 marine ammonia terminals with 580 kt of storage capacity – enabling it to produce and deliver ammonia across the globe.

It recently established a new clean ammonia unit to capture growth opportunities in emission-free fuel for shipping and power, carbon-free fertilizer and ammonia for industrial applications.

Share article