Hydrogene de France (HDF Energy) has taken a 70% stake in the NewGen project in Trinidad, which is being led by local firm Kenesjay Green (KGL).
KGL, the project developer, will keep the remaining 30% of NewGen’s share capital, which will be jointly owned by KGL and an investment vehicle that will allow additional local investors to be onboarded.
The more than $200 million NewGen facility, when completed, will be the world’s largest clean hydrogen-producing facility of its kind, utilizing a smart combination of solar power and energy-efficiently produced electricity. It will produce carbon-free hydrogen at a competitive price to meet 20% of the hydrogen needs of an existing world-scale ammonia plant at the Point Lisas petrochemical complex in Trinidad. The project will save around 200,000 tons of CO2 per year once it is fully operational.
KGL’s project development team, which has Trinidad-specific energy and ammonia expertise, will benefit from HDF’s extensive experience in hydrogen technologies, procurement, and project finance as a global pioneer in hydrogen energy.
In a competitive evaluation process, KGL and HDF will jointly select the best electrolysis technology provider. In addition, KGL recently received pre-planning approval from the Trinidad and Tobago Ministry of Planning for the NewGen project, and has made further progress with further confirmation of the project’s economics and financial viability.