InterContinental Energy (ICE), which is developing two hydrogen projects in Western Australia (WA), said that Singapore’s sovereign wealth fund GIC has made an undisclosed investment in the company.
ICE requires outside funding to carry out its hydrogen aspirations, which include producing 30 million tons of ammonia every year from renewable sources.
Ang Eng Seng, GIC’s chief investment officer for infrastructure, said, “This is a strategic investment to position GIC early for the coming hydrogen economy.”
The Western Green Energy Hub (WGEH) project, which aims to build 50,000MW of wind and solar generation capacity to power electrolyzers to produce around 20 million t/yr of green ammonia, and the Asian Renewable Energy Hub (AREH), which aims to build 26,000MW of solar and wind capacity to power electrolyzers to produce around 10 million t/yr of green ammonia, are both backed by ICE. The WGEH project spans WA’s Kalgoorlie and Esperance areas, whereas AREH is based in the Pilbara.
CWP Global, a renewable energy company, and The Mining People are among ICE’s WGEH partners. AREH’s partners include CWP, Vestas, a Danish wind turbine manufacturer, and Pathways Investment, an Indian investment group. With a total project cost of $70 billion, the WREH project is aiming for a final investment decision (FID) in 2028. The FID for AREH is scheduled for 2025, with a total project cost of $36 billion.
The WA hydrogen projects are a large part of ICE’s overall portfolio, which also includes initiatives in Saudi Arabia and Oman. Its 200,000MW of onshore wind and solar power will allow it to produce more than 14 million tons of green hydrogen per year or 80 million tons of green ammonia per year.
