PASH Global, an impact investor and developer of clean power projects, has joined forces with ERIH Holdings, a diversified global renewable investment company, to create a 50-50 joint venture (JV) that will develop and invest in green hydrogen and ammonia projects.
The JV will have a total of 5 GW of electrolyser capacity powered by 10 GW of renewable energy generation capacity such as solar, wind, and geothermal in six countries including Italy, Spain, Turkey, Greece, Serbia, and Colombia by 2030.
The aim of the project is to build the next-generation utility. Akin Gunduz, CEO of ERIH Holdings, said that without hydrogen, there can be no energy transition, no climate neutrality, and no move away from fossil fuels. The hydrogen-related investments will focus on opportunities that are likely to find their way to the market in the next 5-10 years and are not as dependent on substantial, coordinated long-term government subsidies that have yet to be designated or allocated.
The JV will work together with potential partners to develop commercial and technical concepts in the first two projects located in Turkey and Italy. ERIH Holdings will act as the project coordinator, bringing all of the relevant parties together and organizing partnerships between customers and system operators that will transport the hydrogen to the customer’s premises.
“This JV presents an exciting opportunity that would bring together our unique strengths and provide a scalable platform to supply our customers with affordable, reliable, and ever-cleaner energy,” said Vine Mwense, Executive Director and Co-Founder of PASH Global.
While the project is still in the early stages of approval, design, construction, and commissioning, it is expected to have a major impact on the development of hydrogen globally. The project is complex, and there may be challenges ahead, but the JV is optimistic that it can succeed in meeting its goals.
The creation of this JV represents a significant milestone for the hydrogen sector and the transition to a greener economy. With the increasing demand for clean energy, it is likely that more investors and companies will be looking to invest in hydrogen and ammonia projects in the future.