UPDATE - EDPR, Lhyfe to jointly work on green hydrogen projects

Portuguese renewable energy company EDP Renovaveis SA (ELI:EDPR) and French hydrogen producer Lhyfe (EPA:LHYFE) plan to jointly identify, develop, build and manage new green hydrogen projects.

As part of the cooperation, EDPR will supply renewable electricity for Lhyfe's hydrogen generation projects. The partners will also work on research and development (R&D) initiatives, new project development and equipment procurement, they said in a joint statement on Tuesday.

The Portuguese firm is entitled to hold up to 50% of the capital in the new green hydrogen projects the parties will develop, the announcement says.

This agreement follows Lhyfe's initial public offering (IPO) on Euronext Paris in which it raised EUR 110 million (USD 117.2m). EDPR was the largest cornerstone investor in the flotation, subscribing for EUR 25 million.

At present, EDPR aims to deploy 1.5 GW of green hydrogen production capacity by 2030, while the French company plans to install 200 MW by 2026 and reach 3 GW by 2030. Lhyfe has 20 projects with a combined capacity of 380.5 MW at an advanced stage of development with commissioning expected between 2023 and 2026.

(EUR 1 = USD 1.066)

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