News
Jada Loutoo
FRENCH company HDF Energy – a global hydrogen pioneer – has acquired a 70% majority stake in the NewGen project in Trinidad, led by local energy company Kenesjay Green Ltd (KGL).
A statement from HDF on Thursday said KGL, the project developer, will retain the remaining 30% of NewGen’s share capital, which will be jointly owned by KGL and an investment vehicle that will allow for the inclusion of additional local investors.
“HDF Energy draws on its technological expertise in hydrogen, its know-how in the development of green energy plants and its local presence in the Caribbean,” the statement said.
He added that once completed, the more than US$200 million NewGen plant will be the world’s largest clean hydrogen production facility of its kind, using a smart combination of solar and energy. efficient.
“It will competitively generate carbon-free hydrogen to supply 20% of the hydrogen needs of an existing world-class ammonia plant at the Point Lisas petrochemical hub in Trinidad.
“Once operational, the project will save around 200,000 tonnes/CO2 (carbon dioxide emissions) per year. As a global hydrogen pioneer, HDF will add its deep experience in hydrogen technologies, procurement and project finance to the Trinidad-specific energy and ammonia expertise contained within of the KGL project development team.
HDF said it would be the third major investment in the Caribbean in the past year, having already announced “renewable” hybrid baseload power plants, using green hydrogen and solar power. , in French Guiana and Barbados alongside its partner and regional investor, RUBIS.
In Trinidad, KGL and HDF will together select the optimal smelter technology provider based on a competitive evaluation process.
The statement also revealed that KGL has recently obtained planning permission for the NewGen project from the Ministry of Planning and has made progress in confirming the economic and financial viability of NewGen.
Commenting on the majority acquisition of HDF, KGL Chairman Philip Julien said, “KGL welcomes this significant approval and investment in NewGen by HDF, and looks forward to our collaboration and sharing of expertise.
“Our partnership enables greater local access to international finance and technology, optimal opportunities for local ownership, and an acceleration of Trinidad and Tobago’s energy transition commitments.”
Damien Havard, CEO of HDF Energy, said: “We believe we have the ideal partners in Kenesjay Green, given their deep industry knowledge, business acumen and commitment to local development.
“Our investment in NewGen confirms our belief that the energy industry in Trinidad and Tobago offers a unique opportunity for the development of carbon-free hydrogen on a global scale and at a competitive price. This project demonstrates that green solutions can effectively support the transition of hydrocarbon-based economies like Trinidad and Tobago – and HDF is poised to help drive the change.
The NewGen Hydrogen project is KGL’s first major initiative.
