PASH Global, an impact investor and developer of clean energy projects worldwide backed by commodities giant Trafigura, and ERIH Holdings, a globally diversified renewable investment company, announced ,on April 25, the formation of a 50/50 joint venture to develop and invest in green hydrogen and ammonia projects totaling 5 GW of electrolyzer capacity.
A project powered by 10 GW of renewable energy generation capacity
The project will be powered by 10 GW of renewable energy generation capacity such as solar, wind and geothermal in Italy, Spain, Turkey, Greece, Serbia and Colombia by 2030, which will be fully consumed for captive continuous power and intermittent energy needs for green hydrogen.
The next step is to work with potential partners to develop commercial and technical concepts in the first two projects located in Turkey and Italy. ERIH acted as the project coordinator, bringing together all the parties involved and organizing partnerships between the customers and the system operators who will transport the hydrogen to the customers’ facilities.
A place in the market in the next 5 to 10 years
“Building the next generation utility company is the vision of the joint venture,” said Akin Gunduz, CEO of ERIH Holdings. “Without hydrogen, there can be no energy transition, no climate neutrality and no exit from fossil fuels. Against this backdrop, for our hydrogen-related investments, we have focused on opportunities that can find their way into the market in the next 5-10 years and that are not as dependent on substantial and coordinated long-term government subsidies that have not yet been designated or allocated,” added Akin Gunduz.
“The joint venture presents an exciting opportunity that would bring together our unique strengths and provide a scalable platform to deliver affordable, reliable and ever cleaner energy to our customers,” said Vine Mwense, executive director and co-founder of PASH Global. “These are complex projects and there is still a long way to go in terms of approvals, design, construction and commissioning, but this is a real boost for the development of hydrogen globally,” commented Akin Gunduz.
