TotalEnergies seeks permit for USD 16 bn hydrogen project: Chile’s TEC H2 MAG — a subsidiary of energy giant TotalEnergies — is seeking to clinch environmental permits for a USD 16 bn green hydrogen and ammonia project in Chile, Reuters reported on Monday. The project comprises a wind farm, a desalination plant, an ammonia plant, maritime infrastructure for shipping, and seven electrolysis centers for green hydrogen. Construction will begin in 2027 and operations are set for 2030.

IN OTHER CHILE NEWS- Chinese firms pull the plug on Lithium processing plans: Chinese EV maker BYD and metals group Tsingshan are withdrawing from plans to build lithium iron phosphate (LFP) cathode plants in Chile, Reuters reported on Wednesday, citing gov’t agency the Production Development Corporation (Corfo). The two companies had been selected in 2023 for a preferential lithium pricing agreement aimed at spurring investment in the sector. Chile is the world’s second-largest lithium producer.

Plunging lithium prices drove the exits, Reuters added citing Corfo. Tsingshan told Reuters it withdrew plans for a USD 233 mn plant to produce 120k metric tons of LFP annually, while BYD also filed an intent to withdraw from its planned USD 290 mn plant to produce 50k metric tons of LFP in January, Corfo told Reuters.

Vietnamese EV maker VinFast has secured an IDR 1.85 tn (USD 110 mn) syndicated loan facility to finance the construction of its EV manufacturing plant in Indonesia, according to a press release from last week. Indonesian bank BNI — the underwriter and lead arranger of the funding — will provide IDR 1.51 tn (USD 90 mn) of the total amount while Maybank will supply the rest. The loan agreement includes an additional USD 80 mn as a possible extension facility.

REMEMBER- The region has shown interest in VinFast: Vingroup signed an MoU in March with private equity fund JTA Investment Qatar to explore an equity investment of at least USD 1 bn in VinFast. Emirates Driving Company was also reported in October to be leading a consortium of investors to explore providing VinFast with at least USD 1 bn in funding. The EV maker established its regional headquarters in Dubai with assistance from the Dubai last year.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

  • Hawaii to fund climate action via tourist tax: Hawaii has greenlit a 0.75% tax on tourist accommodations — hotel rooms, timeshares, and vacation rentals — to raise funds for environmental protection and boost its resilience to natural disasters linked to climate change. (The Guardian)
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