Hydrogène de France (“HDF Energy”) – ticker: HDF – announces that it has acquired a 70% majority stake in the NewGen project in Trinidad, led by the company local Kenesjay Green Ltd (“KGL”). KGL, the project developer, will retain the remaining 30% of NewGen’s share capital, which will be jointly owned by KGL and an investment vehicle that will allow for the inclusion of other local investors. HDF Energy relies on its technological expertise in hydrogen, its know-how in the development of green energy plants and its local presence in the Caribbean.
When complete, the $200 million+ NewGen plant will be the world’s largest clean hydrogen production site of its kind, and will use a smart combination of solar-sourced electricity and energy efficiency. The plant will competitively generate zero-carbon hydrogen to meet 20% of the hydrogen input needed for a world-class ammonia plant in the petrochemical hub of Point Lisas, Trinidad. Once operational, the project will prevent the emission of approximately 200,000 t/CO2 per year.
As a global hydrogen pioneer, HDF will add its deep experience in hydrogen technologies, procurement and project finance, to the Trinidad-specific energy and ammonia expertise of the development team. of KGL projects. This is the third major investment in the Caribbean this year for HDF, which announced the “Renewstable ® ” hybrid power plants using green hydrogen and solar energy in Guyana and Barbados, alongside its partner and regional investor, RUBIS.
Together, KGL and HDF will select the best smelter technology supplier through an evaluation process. In addition, KGL recently obtained general planning permission for the NewGen Project from the Trinidad and Tobago Department of Planning, and made progress in confirming the economic and financial viability of NewGen.
Asked about the majority acquisition of HDF , Philip Julien, Chairman of the Board of KGL, said: “KGL welcomes this real show of confidence and this investment in NewGen by HDF, and looks forward to this collaboration and sharing of expertise.Our partnership improves local access to world-class financing and technologies, creates optimal opportunities for local owners, and accelerates Trinidad’s energy transition commitments. -and-Tobago.”
Damien HAVARD, CEO of HDF Energy: “We believe we have found the ideal partner in Kenesjay Green, given their deep industry knowledge, business drive and commitment to local development. Our investment in NewGen illustrates our belief that the energy sector of Trinidad and Tobago offers a unique opportunity for the development of cost-effective zero-carbon hydrogen capabilities with global reach.This project demonstrates that green solutions can effectively support the transition of hydrocarbon-based economies like Trinidad and Tobago. Tobago, and HDF will be at the forefront of this change.”