Abu Dhabi's Masdar and Hy24 to take on green hydrogen projects; eyes 2b euros in investments
Alliance to take on 2b euros in such investments as green hydrogen prospects expand
Dubai: Abu Dhabi’s Masdar will jointly explore possibilities to build green hydrogen projects in alliance with Hy24, one of the biggest investors in such ventures.
Hy24 manages the ‘Clean Hydrogen Infrastructure Fund’ and expects ‘ co-investment and co-development opportunities’ to be made available to Masdar. This could represent up to 2 billion euros in investments over the next five years.
The alliance will focus on projects located in regional hubs across Europe, the Americas, Asia Pacific and the Middle East and North Africa.
The project involves 'producing renewable power converted via electrolyzers into green hydrogen and its derivatives such as green ammonia, e-methanol, sustainable aviation fuel and liquid hydrogen'.
Intent on 'first-mover' advantages
"Throughout our 17-year history, Masdar has deployed a ‘first mover’ approach to the clean energy transition worldwide," said Mohamed Jameel Al Ramahi, CEO of Masdar. "Now, Masdar and Hy24 will work together to maximize green hydrogen’s huge potential to accelerate the energy transition for a cleaner, greener future."
Masdar currently has 20GW of renewable energy projects. Hy24's Clean Hydrogen Infrastructure Fund represents an equal venture between Ardian, the private investment firm, and FiveT Hydrogen, a clean hydrogen focused investment platform.
The Infra Fund - which has raised 2 billion euros - has already made seven investments. It has so far consolidated funds from more than 50 leading industrial and financial investors from Europe, Asia, and North America. The target is to mobilize up to 20 billion euros of investment within the next five years.
More to follow...