Clean energy investor PASH Global and ERIH Holdings (ERIH) have formed a 50-50 JV to develop and invest green hydrogen and ammonia projects totaling 5GW of electrolyser capacity.
The project will be powered by 10GW of renewable energy generation capacity such as solar, wind, and geothermal in Italy, Spain, Turkey, Greece, Serbia and Colombia by 2030.
This will be entirely consumed for captive needs of round-the-clock power and intermittent energy for green hydrogen.
Akin Gunduz, chief executive of ERIH Holdings, said: “Building the Next-Generation Utility is the vision of the JV.
“Without hydrogen there can be no energy transition, no climate neutrality, and no move away from fossil fuels. Within this respect, for our hydrogen-related investments, we focused on opportunities that are likely to find their way to market in the next 5–10 years and are not as dependent on substantial, coordinated long-term government subsidies that have yet to be designated or allocated.”
Vine Mwense, executive director and co-Founder of PASH Global, added: “The JV presents an exciting opportunity that would bring together our unique strengths and provide a scalable platform to supply our customers with affordable, reliable and ever-cleaner energy.”
The next step is to work together with potential partners to develop commercial and technical concepts in the first two projects located in Turkey and Italy.