Kenesjay Green chairman Philip Julien signs the partnership agreement with chief executive of French-based HDF Energy, Damien Harvard, to develop the NewGen clean hydrogen producing facility in Trinidad. – Courtesy HDF Energy
FRENCH-based HDF Energy – a global pioneer in hydrogen power – has acquired a 70 per cent majority stake in the NewGen project in Trinidad, led by local energy company Kenesjay Green Ltd (KGL).
A release from HDF on Thursday, said KGL, the project developer, will retain the remaining 30 per cent 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 leveraging its technological expertise in hydrogen, its know-how in the development of green energy plants and its local presence in the Caribbean,” the release said.
It added that when completed, the US$200 million-plus NewGen plant will be the world 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 per cent 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 approximately 200,000 tonnes/CO2 (carbon dioxide emissions) per year. As a global pioneer in hydrogen power, HDF will add its in-depth experience in hydrogen technologies, procurement and project finance, to the Trinidad-specific energy and ammonia expertise contained within the KGL project development team.”
HDF said this would be the third major investment in the Caribbean in the last year having already announced hybrid “renewstable” baseload power plants, using green hydrogen and solar power, in French Guiana and Barbados alongside its regional partner and investor, RUBIS.
In Trinidad, together, KGL and HDF will select the optimal electrolysis technology provider from a competitive evaluation process.
The release also revealed KGL has recently been granted the outline planning permission for the NewGen project by the Ministry of Planning and has made progress in further confirming the economic and financial viability of NewGen.
Commenting on the HDF majority acquisition, KGL’s chairman Philip Julien said, “KGL welcomes this significant endorsement and investment in NewGen by HDF, and looks forward to our collaboration and sharing of expertise.
“Our partnership enables improved local access to international finance and technology, optimum 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 extensive knowledge of the industry, business acumen and their commitment to local development.
“Our investment in NewGen affirms our belief that Trinidad and Tobago’s energy industry offers a unique opportunity for the development of world scale and cost competitive carbon free Hydrogen. This project demonstrates that green solutions can effectively support the transition of hydrocarbon-based economies like Trinidad and Tobago – and HDF is poised to be a part of leading the change.”
The NewGen Hydrogen project is the first major initiative of KGL.