CIP Secures AUD 814M to Develop Green Hydrogen in Western Australia
Wind and solar power are used to ensure that the hydrogen and ammonia produced are completely renewable.
CIP is also involved in developing other green projects in Australia, including offshore wind.
The global investment firm specialising in renewable energy infrastructure, Copenhagen Infrastructure Partners (CIP), has successfully raised AUD 814 million from the Australian Government’s Hydrogen Headstart programme for its green hydrogen project.
The proceeds will be used for the development of its Murchison Green Hydrogen project in Western Australia, reinforcing the country's efforts to expand its green hydrogen industry and reduce carbon emissions.
6GW of onshore wind and solar energy will power this project so that the hydrogen and ammonia produced are completely renewable. In addition, it aims to produce 1.8 million tonnes of green ammonia annually, most of which will be exported to Asian markets.
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The initiative is regarded as one of the most advanced large-scale green hydrogen and ammonia projects in the world, located 20km north of Kalbarri in the Mid West region. It plays an increasingly important role in transitioning Australia towards a clean energy future, replacing its dependence on fossil fuels.
Karsten Uhd Plauborg, Partner at CIP, said: "CIP is honoured to receive this funding, which reinforces our shared vision with the Australian Government to establish a leading green hydrogen industry in Australia.
"We see significant potential in green hydrogen and projects such as Murchison Green Hydrogen are key for countries and industries to take the next step within decarbonisation and achieving energy independence. We look forward to continuing to work with government, the Nanda People and community to progress the project and deliver value for the region.”
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Besides this, CIP has been involved in other renewable energy projects in the country, including Star of the South, Australia’s most advanced offshore wind undertaking. With a development pipeline exceeding 30GW, the fund manager is set to transform the renewable energy sector.
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Source: CIP
