03 Jun Fisterra Energy announces investment intention in NewGen’s Hydrogen Project in Trinidad
Fisterra Energy SLU announces a partnership with Kenesjay Green Limited (KGL) to pursue a potential development of KGL’s first major hydrogen project, NewGen. The project is expected to produce carbon neutral and green hydrogen as feedstock for the Trinidad Nitrogen Company’s (Tringen) ammonia complex, which is co-owned by Yara Trinidad and is located at the iconic Pt. Lisas Industrial Estate in Trinidad.
Plans are already underway for the NewGen project, which has the potential to be the first and largest standalone commercial hydrogen producing facility in the world. The project design anticipates a hydrogen production capacity of 27,200 tonnes per year by 2024, which would be sold directly to Tringen.
Headquartered in Spain, Fisterra brings over 20 years of technical expertise in successfully developing, constructing, and operating over 30GW of conventional and renewable energy projects in Europe and Latin America. Fisterra is a portfolio company of funds managed by Blackstone Energy Partners, a part of the global investment firm, Blackstone.
Over the coming months, Fisterra and KGL will work together to finalise the technical and commercial arrangements for the Carbon Neutral & Green Hydrogen plant to be located at Tringen’s ammonia facilities. Upon successful execution of aforementioned project agreements, the parties currently anticipate first hydrogen production by December 2023.
Addressing the new partnership, Pedro Barriuso, Fisterra’s CEO said, “Fisterra believes that the NewGen project offers an exciting opportunity to demonstrate the viability of Hydrogen as a key contributor to solutions in global energy transition. We are confident that Trinidad and Tobago’s long pioneering legacy in hydrocarbon-based industrialisation offers the necessary capabilities and enabling conditions to make this project a success. Kenesjay Green’s deep understanding of the local business context and natural gas energy experience will complement our own significant expertise in managing and financing large scale power projects.”
Philip Julien, Chairman of Kenesjay Green Limited and Managing Director of NewGen, recognised the involvement of Fisterra as an important achievement, stating that, “the interest of a global investor such as Fisterra affirms our belief in hydrogen’s role in the decarbonisation of the energy mix. Partnering with Fisterra allows us to further deliver on our objective of maintaining Trinidad & Tobago’s competitiveness in the Petrochemical Sector while reducing our global carbon footprint. With Tringen identified as our first intended customer in Point Lisas, the onboarding of this high-quality investor with experience in renewable projects reinforces our ability to bring the NewGen project to fruition on schedule. This partnership is further proof that the local energy sector remains fertile ground for world leading investments and serves the national efforts at reducing carbon