Australian industry superannuation fund HESTA has agreed to invest up to A$100m (€64.4m) in ReNu Energy to develop green hydrogen projects.

ReNu and its subsidiary, Countrywide Hydrogen, will be responsible for the delivery and operation of green hydrogen projects, with HESTA to be provided with a first right of refusal to invest in existing and new green hydrogen projects.

Both partners can also consider bringing additional investors in to co-invest alongside them.

HESTA chief investment officer, Sonya Sawtell-Rickson, said: “We continue to look for opportunities like this to invest in innovative technologies and businesses that will support the transition to a low carbon future.”

Sawtell-Rickson said such investments would help create jobs and support communities while delivering attractive risk-adjusted returns for fund members.

ReNu Energy CEO, Greg Watson, said: “Our task now is to advance to definitive agreements as soon as possible and to progress commercial discussions with our project partners for green hydrogen offtake.”

Geoffrey Drucker, Countrywide managing director and ReNu Energy executive director, said HESTA’s support would enable the RNE Group to progress its hydrogen projects from concept to production and to meet its objective to be a first-mover in domestic green hydrogen production.

ReNu Energy chairman, Boyd White, said: “The agreement with HESTA follows progress the group has made in advancing its portfolio of green hydrogen projects since the acquisition of Countrywide Hydrogen in February this year.

“With HESTA’s support, we look forward to delivering green hydrogen and contributing to a low-carbon future.”

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