HDF Acquires 70% Stake in KGL’s NewGen Project for Green Hydrogen Production in Trinidad

Hydrogène de France (HDF Energy) has acquired 70 per cent majority stake in the Kenesjay Green Ltd’s (KGL) NewGen project in Trinidad, led by the local company.

KGL is the project developer that will retain the remaining 30per cent of the share capital of NewGen, which will be jointly owned by KGL and an investment vehicle that will allow for the inclusion of additional local investors.

HDF Energy is thus leveraging its technological expertise in hydrogen, its know-how in the development of green energy plants and its local presence in the Caribbean.

Commenting on the HDF’s majority acquisition, Philip Julien, Chairman of KGL, said, “KGL welcomes this significant endorsement and investment in NewGen by HDF, and looks forward to our collaboration and sharing of expertise. Our partnership enables improved local access to international finance and technology, optimum opportunities for local ownership, and an acceleration of Trinidad and Tobago’s energy transition commitments.”

The company claimed that once completed, the USD 200+ million NewGen plant will be the world’s largest clean hydrogen producing facility of its kind, using a smart combination of solar and energy efficiency-sourced power.

It will competitively generate carbon-free hydrogen to meet 20 per cent of the hydrogen requirement for an existing world-scale ammonia plant in the petrochemical hub of Point Lisas, Trinidad. Once up and running, the project will save approx 200 000 t/CO2 per year.

Under the contract, HDF will add its in-depth experience in hydrogen technologies, procurement and project finance, to the Trinidad-specific energy and ammonia expertise contained within the KGL project development team.

This is the third major investment in the Caribbean this last year for HDF.

Together, the two companies will select the optimal electrolysis technology provider from a competitive evaluation process.

“Our investment in NewGen affirms our belief that Trinidad and Tobago’s energy industry offers a unique opportunity for the development of world scale and cost competitive carbon-free Hydrogen. This project demonstrates that green solutions can effectively support the transition of hydrocarbon-based economies like Trinidad and Tobago – and HDF is poised to be a part of leading the change,” said Damien HAVARD, CEO of HDF Energy.