- Press Releases
January 27 (Renewables Now) - Singapore’s sovereign wealth fund GIC has bought an unspecified equity stake in Australian green hydrogen project developer InterContinental Energy, which has a global portfolio totalling 200 GW.
The strategic investment was made in line with GIC’s strategy to support green innovation and the energy transition. The move is subject to approval by the Australian Foreign Investment Review Board, InterContinental said on Wednesday.
Perth-based InterContinental was set up in 2014 to develop green fuel projects in key sectors such as marine fuels, co-firing in power generation, industrial processes, and heavy transport. Its portfolio includes capacity that will facilitate the production of over 14 million tonnes of green hydrogen or 80 million tonnes of green ammonia annually. The company’s projects are located in coastal deserts in Western Australia, Oman and Saudi Arabia.
Along with partners, InterContinental is behind the 50-GW Western Green Energy Hub project in Western Australia.
“This is a strategic investment to position GIC early for the emerging hydrogen economy. We believe that in time, hydrogen will play a crucial role in decarbonisation globally and that InterContinental Energy will be a key player in this transformation,” said Ang Eng Seng, chief investment officer of Infrastructure at GIC.