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    SPM   IT0005252140

SAIPEM S.P.A.

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Saipem S p A : EDISON AND SNAM ALONGSIDE SAIPEM AND ALBORAN FOR THE GREEN HYDROGEN VALLEY PROJECT IN PUGLIA REGION

09/15/2021 | 11:07am EST

San Donato Milanese - Edison and Snam have signed a Memorandum of Understanding (MoU) along with Saipem and Alboran Hydrogen who had both already signed a cooperation agreement last January for the joint development of the Puglia Green Hydrogen Valley project, one of the first large-scale initiatives for the production and transport of green hydrogen in Italy.

The aim of this project is to help accelerate the uptake of green hydrogen one of the key components of the EU's decarbonisation strategy within Italy's energy mix to ensure national and European climate neutrality targets are met by 2050.

The Puglia Green Hydrogen Valley project plans to build three green hydrogen production plants in Brindisi, Taranto and Cerignola (Foggia) for a combined capacity of 220 MW and powered by a photovoltaic production of 380 MW in total. Once the three plants are operational, it is forecasted that they will be able to produce about 300 million cubic metres of renewable hydrogen every year.

This green hydrogen will be used primarily for local industries, including through injecting - or blending - the hydrogen into Snam's local gas network and/or employed for sustainable mobility.

For one of these three plants, the authorisation process is already underway for the Brindisi project which will involve the construction of a production plant for green hydrogen using electrolysers with a capacity of 60 MW that will be powered by a PV farm.

The entire Puglia Green Hydrogen Valley project will enable to sustain and involve key regional players, including the Acquedotto Pugliese water supply company, the Appulo Lucane Railways, Puglia's technological and production districts, the Polytechnic of Bari, the Universities of Bari, Foggia and Salento. Moreover, there will be investments in the research and development aimed at promoting the creation and development of competencies and a production chain dedicated to the hydrogen industry in Puglia.

The agreement represents a fundamental milestone in the establishment of a hydrogen industry in Italy by creating new opportunities in terms of employment and competencies.

With this agreement Edison confirms its role as a key player also in the sector of green hydrogen, a technology that has synergies both with the company's core business, which covers the entire value chain in the energy sector, and with its strategic development plan.

Thanks to the most extensive network in Europe and its technological expertise, Snam is promoting its role as an enabler of the hydrogen valley ventures, by contributing to the development of projects and connecting production and consumption points.

Saipem wishes to emphasise the importance of this project in terms of its contribution to the recovery plan for Italy. The company is involved in the development of technologies and innovative business models in the green hydrogen and renewable energies sectors as part of the evolution process of its portfolio of skills. Saipem confirms its role as the ideal partner for supporting its clients in the energy transition process in order to meet net zero targets.

Finally, Alboran's determinations regarding green hydrogen are perfectly aligned with the Italian and European strategies. The involvement of other strategic partners in this venture will make it possible to maximise the potential of the project model that has been proposed for Puglia.

In order to execute the project, the partners anticipate creatinga special purpose company (Alboran 30%, Edison 30%, Snam 30%, Saipem 10%) following the signing of binding agreements that still have to be negotiated by the parties,based on the relevant regulatory frameworks, including the ones concerning operations among related parties.

Edison

Edison is the oldest energy company in Europe, with over 135 years of achievements, and is one of the sector's leading operators in Italy. The company is at the forefront of the energy transition challenge, through the development of renewable and low carbon generation, energy efficiency services and sustainable mobility, in line with the European Green Deal targets. Edison sells electric power and natural gas to 1.6 million end customers. It has highly sustainable, flexible and efficient electric power generation facilities consisting of over 200 plants, including combined cycle gas turbine (CCGT), hydroelectric, wind power and solar power plants. The Group's net installed power is 7 GW and in 2020 it generated 18.8 TWh, accounting for 7% of domestic electricity generation. Today Edison operates in Italy, Europe, employing over 4,000 people.

Snam

Snam is one of the world's leading energy infrastructure operators and ranks among Italy's largest listed companies, by market capitalization. Through its international footprint Snam operates in Albania (AGSCo), Austria (TAG, GCA), France (Terega), Greece (DESFA), Italy, UAE (ADNOC Gas Pipelines) and UK (Interconnector UK) and has started activities in China and India. Snam is also one of the leading shareholders in TAP (Trans Adriatic Pipeline). The Group has the largest natural gas transportation network (over 41,000 km including international assets) and storage capacity (approx. 20 bcm including international assets) among its European peers and is also a leading player in regasification, through the LNG terminal in Panigaglia (GNL Italia) and its stakes in the Livorno (OLT) and Rovigo (Adriatic LNG) terminals in Italy and in the Revithoussa (DESFA) terminal in Greece. Snam also invests in transition businesses: biomethane, energy efficiency, sustainable mobility and hydrogen. The company also operates in forestation (Arbolia) and is committed to achieving carbon neutrality (Scope 1 and Scope 2 CO2 eq emissions) by 2040.

Saipem

Saipem is an advanced technological and engineering platform for the design, construction and running of secure and sustainable complex infrastructure and plants. Saipem has always been oriented towards technological innovation and is currently committed, alongside its clients, on the frontline of energy transition with increasingly digitalised tools, technologies and processes that were devised from the outset with environmental sustainability in mind. It is listed on the Milan stock exchange and is organised into five business divisions (E&C Offshore, E&C Onshore, Drilling Offshore, Drilling Onshore and XSIGHT for consulting and engineering services in the initial phases of projects). It operates in more than 60 countries around the world with 32 thousand employees from 130 different nationalities.

Alboran

Alboran Hydrogen, owned by the Alboran Group of the Pratesi family of Florence, and the Enit Group of the D'Amato family of Verona, is a leading company in the development of energy production plants from renewable sources and collaborates with the European office of Jeremy Rifkin and with Green Hydrogen Project, in the development of new systems and technologies applied to the production of green hydrogen. It is one of the most innovative Italian companies. The Cyber Security division of Alboran was identified in 2020 as an Italian excellence in the security and digital technology protection sector, in the optimisation of production processes and in the integrated solutions of Industry 4.0 for automation and visual inspection for control and quality assurance.

Contact:

Tel: +39 02 37037273

Email: elena.distaso@edison.it

Web: www.edison.it

(C) 2021 Electronic News Publishing, source ENP Newswire

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Sales 2021 7 422 M 8 378 M 8 378 M
Net income 2021 -981 M -1 108 M -1 108 M
Net Debt 2021 1 667 M 1 882 M 1 882 M
P/E ratio 2021 -1,96x
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