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Green Hydrogen H2 News

HESTA and ReNu Energy Unite Forces for Australia’s Green Hydrogen Revolution

Anela DoksoBy Anela Dokso07/06/20233 Mins Read
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Australia takes a significant step towards establishing a world-class “green hydrogen” sector as HESTA, the nation’s leading superannuation firm, partners with industry specialist ReNu Energy.

The collaboration aims to evaluate and co-invest in hydrogen projects developed by ReNu Energy, with a particular focus on the company’s Tasmanian suite of hydrogen projects. The platform agreement sets the stage for potential co-investment opportunities and outlines a framework for project development, operation, and governance.

Greg Watson, CEO of ReNu Energy, highlights the completion of due diligence studies by HESTA as a crucial milestone leading to the signing of the new agreement. Both parties are now exploring transaction designs to progress the green hydrogen projects through special “asset vehicles.” Pro forma versions of the agreements have been prepared, and ReNu Energy is targeting the presentation of the first Tasmanian green hydrogen project to HESTA for potential co-investment in 2023.

HESTA’s Chief Investment Officer, Sonya Sawtell-Rickson, emphasizes the firm’s commitment to investing in projects that contribute to Australia’s transition to a lower carbon future. By deepening the relationship with ReNu Energy, HESTA aims to support the development of a pipeline of projects while delivering long-term investment returns and accelerating the transition to a more sustainable future. The collaboration aligns with HESTA’s focus on decarbonization and the exploration of innovative technologies and businesses.

ReNu Energy’s Countrywide subsidiary boasts a significant portfolio of green hydrogen opportunities, with final investment decisions expected this year. The company’s goal in Tasmania is to establish a state-wide ecosystem for the production, distribution, and utilization of green hydrogen and replicate this model on the mainland. The partnership with HESTA provides a platform for advancing these ambitious plans and fostering the growth of the emerging green hydrogen sector.

Australia’s commitment to the global hydrogen market is underscored by the abundance of hydrogen projects in the pipeline, estimated to attract investments ranging from $230 billion to $300 billion. The country’s dedication to green hydrogen aligns with its vision to become a renewable energy superpower, as highlighted by Federal Minister for Climate Change and Energy, Chris Bowen. With close to 40% of global clean hydrogen project announcements originating from Australia, the nation is well-positioned to be a leader in the field.

As the hydrogen market continues to expand rapidly, with a projected compound annual growth rate of over 17%, the collaboration between HESTA and ReNu Energy sets the stage for Australia’s participation in this burgeoning sector.

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