MUSCAT: InterContinental Energy, an emerging giant among global green hydrogen developers, says it has secured funding support from two key investors – a development that bodes well for the implementation of its portfolio of mega projects, which includes the massive Green Energy Oman (GEO) venture planned in the Sultanate of Oman.
The Singapore-based developer announced on Tuesday that it has received strategic equity investments from Singaporean sovereign wealth fund GIC, as well as funding from Hy24, billed as the world’s largest hydrogen pureplay investor.
The new capital, totaling $115 million in equity investment, will help “accelerate the deployment of InterContinental Energy’s portfolio of projects and contribute towards the company’s vision to scale up the green hydrogen economy and catalyze large-scale market deployment of green fuels”, the company said in a statement.
Included in that portfolio are mega-scale hubs planned in Australia and the Middle East targeting around 100 gigawatts (GW) of upstream renewable solar and wind capacity for development across multiple phases. At least 10 GW of that capacity is envisioned for development by 2030 as part of the company’s Phase 1 strategy.
In the Sultanate of Oman, InterContinental Energy is part of a consortium of key players that recently signed an agreement with Hydrom, the orchestrator and master-planner of Oman’s green hydrogen industry, to develop the Green Energy Oman (GEO) project.
Led by Oman Shell, the GEO consortium also includes OQ Alternative Energy (the wholly Omani government-owned green energy developer), Kuwait’s state-backed energy investor EnerTech, and Golden Wellspring Wealth for Trading (GWWT).
As part of the agreement signing with Hydrom in June, the GEO consortium was awarded Block Z1-04 in Al Wusta Governorate – a roughly 320-sq kilometre land concession for the development of its upstream renewables capacity. In the first phase of its development, the Green Energy Oman project is targeting the production of around 150,000 tonnes per annum of green hydrogen from 4 GW of installed solar and wind capacity.
At full capacity, it will be powered by 25 gigawatts (GW) of renewable solar and wind energy, enabling the production of approximately 1.8 million tonnes per annum of green hydrogen which can be converted into 10 million tonnes of green ammonia per year.
Source: Oman Daily Observer
Date: 28 Sep 2023
