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ASX Renewable Energy Stocks: FFI turns to Africa’s northeast coast for next green hydrogen venture
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- FFI looks to develop a green hydrogen industry on the northeast coast of Africa
- Proponents of ‘the world’s biggest solar and battery project’ lock in financial advisors
- PRL secures Traditional Owner consent at the HyEnergy Project
Twiggy’s Fortescue Future Industries – the green arm of iron ore giant Fortescue Metals Group (ASX:FMG) is now partnering with the Republic of Djibouti to conduct studies around the potential of developing a green hydrogen industry.
Located on the northeast coast of Africa, Djibouti Minister of Energy and Natural Resources Yonis Ali Guedi says the country does not want to miss “this historic moment when green hydrogen becomes the fuel for energy transition”.
The deal provides FFI access and rights to study the possibilities of renewable energy resources in Djibouti which include solar, wind and geothermal sites, as well as subsurface gas storage areas and industrial areas.
Depending on the outcome of FFI’s studies, the parties may then negotiate the terms on an Investment Agreement to develop and construct green hydrogen production facilities on that land.
NOW READ: Here’s how Twiggy Forrest spreads his investments
Sun Cable locks in financial advisors for solar and battery project
Billionaire-backed Sun Cable is another step closer to solar exports after appointing Macquarie Capital, Moelis & Company and MA Financial Group as joint financial advisors to the capital raising strategy that will bring its Australia-Asia PowerLink ( AAPowerlink) to financial close by the start of 2024.
Sun Cable hopes to raise more than A$30bn to fund the completion of the Australia-Asia PowerLink as the project advances to construction and delivery of renewable energy generation and transmission to Darwin and Singapore.
The project will see a subsea cable transfer Australian solar power 4200km from Darwin to Singapore, creating a $2 billion export industry on their own.
Sun Cable Founder and CEO David Griffin says the Australia-Asia PowerLink is a long-term investment in energy resilience and decarbonisation, at scale.
“With generation, transmission, and storage technology, and engineering that is proven across each interconnected aspect of the operation, we have the economies of scale needed to deliver zero emission dispatchable electricity with reliability and price stability,” he says.
“I am delighted to welcome the appointments of Macquarie and Moelis, who will bring their valued expertise to the project.”
Wind giant buys into Aussie offshore wind projects
A German wind group – wpd Group has bought into three offshore wind energy projects with a planned total installed capacity of 1.4GW in coastal waters of Victoria, South Australia, and Western Australia.
Under a joint venture deal with UK-based Australis Energy, the investment is set to facilitate the development of the Australis offshore wind project portfolio in adjacent commonwealth waters.
Regarded as a pioneer of offshore wind energy in Europe, wpd has also established a strong presence in the Asia Pacific region with project developments in markets such as Taiwan, Japan, Korea, Vietnam, and the Philippines.
With the joint venture partner now secured, the three projects are set to move into the next phases of project planning which includes environment impact assessments (ESIA), data collection, landowner agreements, and grid access agreements.
To ASX renewable energy news:
PROVINCE RESOURCES (ASX:PRL)
Native Title groups – the Nganhurra Thanardi Garrbu Aboriginal Corporation (NTGAC) and the Yinggarda Aboriginal Corporation (YAC) – have provided formal consent to regulators to issue land licences across the HyEnergy Project area, covering 870sqkm around Carnarvon in the Gascoyne region of Western Australia.
Consent from relevant native title bodies is a pre-requisite for the Western Australian government to issue section 91 licences and provides access to land to undertake feasibility studies.
The government will also consult with other stakeholders such as pastoralists.
Province has already secured two Section 91 licences over land near Carnarvon and is working towards securing others.
Support from the Baiyungu (NTGAC) and Yinggarda groups follows significant engagement with the native title parties over the past 12 months.
It allows Province to commence discussions on an Indigenous Land Use Agreement (ILUA) which would cover the construction and operation of the HyEnergy Project.
