HDF Energy acquires stakes in NewGen project in Trinidad
Trinidad and Tobago’s energy industry offers a unique opportunity for the development of world scale and cost-competitive carbon-free hydrogen.
Hydrogène de France (HDF Energy) has acquired a 70% stake in the NewGen project in Trinidad, led by the local company Kenesjay Green Ltd (KGL).
KGL, the project developer, will retain the remaining 30% of the share capital of NewGen, which will be jointly owned by KGL and an investment vehicle that will allow for the inclusion of additional local investors.
HDF Energy is thus leveraging its technological expertise in hydrogen, its know-how in the development of green energy plants and its local presence in the Caribbean.
When completed, the US$ 200 million NewGen plant will be the world’s largest clean hydrogen-producing facility of its kind, using a smart combination of solar and energy efficiency-sourced power.
It will competitively generate carbon-free hydrogen to meet 20% of the hydrogen requirement for an existing world-scale ammonia plant in the petrochemical hub of Point Lisas, Trinidad. Once up and running, the project will save around 200 000 t/CO2 annually.
KGL and HDF will select the optimal electrolysis technology provider from a competitive evaluation process. KGL has also recently been granted the outline planning permission for the NewGen Project by the Ministry of Planning of Trinidad and Tobago and has made progress in further confirming the economic and financial viability of NewGen.
This is the third major investment in the Caribbean this last year for HDF, which announced hybrid “Renewstable” baseload power plants using green hydrogen and solar power in French Guiana and Barbados alongside its regional partner and investor, RUBIS.