Infinite Green Energy has received big votes of confidence from UK Export Finance, which has issued Expressions of Interests worth more than $300m for its green hydrogen projects.
The export credit agency, which provided $4.22bn in financing to sustainable projects around the world in 2020, provided EOIs of $75m in financing for the MEG HP1 project in Northam and a further $245m for the Arrowsmith Hydrogen Plant.
These opportunities were secured with the assistance of international energy services company Petrofac in both Perth and the UK.
It comes as the company – formerly known as Infinite Blue Energy – noted that its environmental approvals for Arrowsmith Stage 1 have been lodged with the Environmental Protection Authority, which will now evaluate them.
The smaller MEG HP1 project, which includes the existing 11 megawatt Northam Solar Farm, is not expected to require EPA assessment.
Infinite Green Energy will now work with UKEF on further financing requirements including the delivery of Project Information Memorandums and the completion of due diligence.
“Securing this expression of interest to finance our projects is another significant milestone for Infinite Green Energy and is further demonstration of the global interest in Western Australian renewable hydrogen production,” chief executive officer Stephen Gauld said.
Green hydrogen push
MEG HP1 leverages the recently acquired Northam Solar Farm to power a 10MW hydrogen electrolyser and battery storage to produce up to 4 tonnes of green hydrogen per day.
This will support WA-based waste management companies for use in refuse collection vehicles and for locally based fleet vehicles.Front-end engineering and design work is currently underway with a final investment decision to be made later this year and first hydrogen production expected in early 2024.
Meanwhile, the substantially larger Arrowsmith project seeks to produce 23t/d of green hydrogen under its first stage using a combination of renewable energy from solar (65 megawatts) and wind (90MW), enough to offset 118,000t of CO2 emissions – or more than 71,000 cars – annually.
First production is expected in 2025, and there are expansion options to deliver 5 gigawatts of renewable energy and over 300t/d of green hydrogen.
This article was developed in collaboration with Infinite Green Energy, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.