Credit Agricole invests in EUR-1.5bn Hy24-managed clean hydrogen fund

Hydrogen tanks. Source: US Office of Energy Efficiency & Renewable Energy

April 25 (Renewables Now) - Hy24, the clean hydrogen investment platform jointly owned by Ardian and FiveT Hydrogen, has received an investment from the insurance arm of Credit Agricole SA (EPA:ACA) for a EUR-1.5-billion (USD 1.61bn) clean hydrogen infrastructure fund it is managing.

The French lender said on Monday that Credit Agricole Assurances has made an investment of an undisclosed amount to become “a significant investor” in the fund.

Hy24’s Clean Hydrogen Infrastructure Fund was launched in October 2021 to invest across the whole hydrogen value chain, targeting Europe, the Americas and Asia. Touted as the world’s largest investment platform dedicated to clean hydrogen, it is expected to be able to support the development of about EUR 15 billion of hydrogen projects in combination with public policies and some use of debt financing.

Among the fund’s anchor partners are France’s TotalEnergies SE (EPA:TTE), Air Liquide (EPA:AI) and Vinci SA (EPA:DG). Investors include South Korea's Lotte Chemical Corp (KRX:011170) and French insurer AXA SA (EPA:CS).

Credit Agricole Assurances’ investment aligns with the group’s climate commitments and adds to its investments in around 9 GW of renewable energy assets across Europe.

(EUR 1.0 = USD 1.075)

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