The International Finance Corporation (IFC) has announced an investment in the Kahirós green hydrogen project in Uruguay. The financing will support the Kahirós project, to be developed in partnership with Grupo Santander. Kahirós is a consortium formed by the Uruguayan companies Ventus, Fidocar, and Fraylog, with additional financial support from the United Nations’ Renewable Energy Innovation Fund.
The project includes a $20 million green loan from IFC. It integrates solar power generation, green hydrogen production, and electric transport within a single system. Solar power will be used to produce green hydrogen, which will fuel six custom-designed fuel-cell electric trucks. These trucks will be deployed for timber transportation to Montes del Plata, a major pulp producer in Uruguay. Operations are scheduled to commence by the end of 2026
The initiative is expected to support the development of a new industrial segment with the potential to create over 30,000 direct jobs by 2040. Additionally, it is projected to reduce 870 tonnes of carbon emissions annually. Furthermore, it reportedly marks IFC’s entry into the green hydrogen sector, as well its first green hydrogen investment at a global level. Fewer than 5 per cent of announced green hydrogen projects worldwide have reportedly progressed to investment.