ABO Energy has transferred a 90% share of its Toqlukuti’k Wind & Hydrogen project in Canada to Copenhagen Infrastructure Partners (CIP).
CIP is acquiring the Toqlukuti’k Wind & Hydrogen project in Newfoundland & Labrador through its Energy Transition Fund (CI ETF I).
ABO Energy will stay actively engaged in the project as minority shareholder and co-developer.
Toqlukuti’k is expected to produce competitive green hydrogen and ammonia, driven by exceptional wind resources, existing infrastructure, and federal and provincial support.
In August 2023, the project received a Wind Application Recommendation Letter from the Ministry of Industry, Energy and Technology, awarding the exclusive right to pursue development on nominated Crown land.
As part of its Crown land bid submission, the project has signed a memorandum of understanding (MoU) with Miawpukek First Nation and has received numerous letters of support from communities.
The name Toqlukuti’k originates from the traditional Mi’kmaq language of the Miawpukek First Nation, meaning “working together”.
The project is expected to generate more than 4000 construction jobs and over 400 long term jobs during the operation phase, giving a boost to the local economy and employment.
Toqlukuti’k marks a second project in the partnership between CIP and ABO Energy, which also includes what will be Canada’s largest wind farm, the 495MW Buffalo Plains project, in Alberta, once fully operational.
Karlis Povisils, CIP partner, said: “We are delighted to partner with ABO Energy once again to support and contribute to Canada’s journey towards a carbon-neutral future.
“With the wind speeds present in Atlantic Canada, we see that Toqlukuti’k has the potential to produce green hydrogen and ammonia at globally competitive prices.”
Karsten Schlageter, managing director at ABO Energy, said: “Our ABO Energy team made great progress in developing this project, especially by working across two continents and with a new technology.
“This shows our ability to bring forward large scale projects that drive us towards Net Zero.
“With CIP as an experienced and financially strong development partner, we will successfully enter the next phase and bring Toqlukuti’k to realization.”