HDF takes 70% stake in low-carbon hydrogen project in Trinidad and Tobago
EMEC hydrogen storage cylinders (Credit Colin Keldie)
Hydrogene de France SA (EPA:HDF), a French specialist in hydrogen energy, has acquired a 70% stake in the NewGen low-carbon hydrogen development in Trinidad and Tobago, it announced on Tuesday.
The French firm bought the stake from domestic company and project developer Kenesjay Green Ltd (KGL) for an undisclosed sum. KGL will retain the remaining 30% interest in NewGen, which will be jointly owned by KGL and an investment vehicle that will allow for the inclusion of additional local investors, HDF said in its press release.
The future USD-200-million-plus (EUR 184.1m) NewGen plant will produce hydrogen using a combination of solar and energy efficiency-sourced power. This hydrogen will then be used by the Tringen ammonia plant in the petrochemical hub of Point Lisas, Trinidad.
According to HDF, the NewGen facility will be capable of meeting 20% of hydrogen requirements by the ammonia plant.
KGL has recently secured the outline planning permission from Trinidad and Tobago’s ministry of planning for the NewGen project, and has made progress in further confirming the economic and financial viability of the endeavour. In the next phase, HDF and KGL will launch a competitive process to select the electrolysis technology provider, the French company said.
The latest move represents the third major investment for HDF in the Caribbean region in about a year’s time. The company has renewable hydrogen initiatives based on its proprietary Renewstable power plant solution in French Guiana and Barbados, alongside its regional partner and investor Rubis SCA (EPA:RUI).
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