HESTA invests $100M in green hydrogen projects

HESTA, an Australian superannuation fund, has agreed to invest up to $100 million in three green hydrogen projects held by Countrywide Hydrogen subsidiary ReNu Energy.

Under a share purchase transaction that issued 134 million shares at a price of $0.068 each, ReNu bought Countrywide in February.

In addition to a pipeline of early-stage prospects in Canada and the US, Countrywide owns the Melbourne Hydrogen Hub, Hydrogen Tasmania, and Hydrogen Portland projects, all of which are currently in conversation with state governments and significant partners.

The initial focus of the projects will be on local green hydrogen production, with longer-term expansions considered where it will be possible to meet future export demand.

ReNu will be in charge of project delivery and operation and will be compensated according to the state and development of each project at the time of HESTA’s investment.

HESTA will be given first refusal to invest in both current and future initiatives, while ReNu will be in charge of securing debt and grant funds.

Greg Watson, the CEO of ReNu, stated that HESTA was dedicated to investing in cutting-edge enterprises and technology that assist the shift to a low-carbon future.

Solar ally
A global solar consortium contacted Countrywide Hydrogen in the third quarter of 2018 with an offer to collaborate on the generation of hydrogen as part of a potential South East Asian project that would supply excess energy from beyond the meter.

The consortium will present Countrywide to potential green hydrogen offtake clients and has constructed multiple solar projects in the area.