Australian superannuation fund HESTA will invest up to AUS 100m in Countrywide Hydrogen, a subsidiary of ReNu Energy, to develop green hydrogen projects, according to a press release.
The RNE Group will be responsible for securing debt and grant funding for the projects. HESTA will be provided a first right of refusal to invest in existing and new projects.
The parties may otherwise agree to add additional investors, the release states.
“Our task now is to advance to definitive agreements as soon as possible and progress commercial discussions with our project partners for green hydrogen offtake,” ReNu Energy CEO Greg Watson said in the release.
Countrywide Hydrogen is developing four renewable hydrogen projects, two in Tasmania and two in Victoria, according to its website. The company has additional projects in its pipeline.
