Yes, the idea is that if solar energy is "free" (it's not, but set that aside for sake of argument) then it doesn't matter how inefficient the process is.

The downside of this process seems to be that it doesn't extract atmospheric CO2 to make methanol, it converts CO2 from concentrated industrial waste streams. It's perhaps "better than nothing" but the methanol will probably end up as CO2 again later (if it's used as fuel, for example) so it really isn't as great as it might sound.