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10 October 20234 minute read

DLA Piper advises Hy24 on strategic equity investment into InterContinental Energy

DLA Piper is advising Hy24, manager of the world’s largest clean hydrogen infrastructure fund, on its new strategic equity investment into InterContinental Energy, a company committed to delivering green hydrogen at scale. GIC, the leading global institutional investor, has also continued its strategic equity investment into InterContinental Energy, which brings the total combined equity investment for the company’s next phase of growth to USD115 million. The injection of new capital will accelerate the deployment of InterContinental Energy’s portfolio of projects and contribute towards the company’s vision of scaling up the green hydrogen economy and catalyzing large-scale market deployment of green fuels.

InterContinental Energy is developing a portfolio of green hydrogen projects in Australia and the Middle East, located in exceptional coastal deserts with the best complementary wind and solar resources to deliver cost-competitive green fuels, at scale, for domestic and export markets. The projects, which are among the most advanced in the market, will be developed in phases, with an overall ambition of nearly 100 GW of total installed renewable capacity.

Hy24 invested in Intercontinental Energy through its Clean Hydrogen Infrastructure Fund, which brings together leading industrial and financial players in the hydrogen space that are active in the entire value chain, creating new opportunities for InterContinental Energy and its stakeholders. This latest series of funding also reinforces GIC’s continued confidence in the growth of InterContinental Energy and its portfolio of projects as an existing strategic investor.

Hy24 was born out of an initiative from Air Liquide, TotalEnergies and VINCI Concessions, combined with one from Plug Power, Chart Industries and Baker Hughes, which shared a common objective to accelerate the development of the hydrogen sector with the launch of the “Clean Hydrogen Infrastructure Fund”. The Fund is managed by Hy24, a 50/50 joint venture between Ardian, a world leading private investment house, and FiveT Hydrogen, a clean hydrogen investment platform which enabled the gathering of the two initiatives. It supports large, early-stage, and strategic projects and develops them into essential energy infrastructures.

InterContinental Energy delivers green hydrogen at scale to accelerate the energy transition. With operations in three hubs across Singapore, Australia, and the Middle East, it has been pioneering best-in-class green fuels hubs since 2014 with a portfolio of Tier 1 projects across Australia and the Middle East.

Commenting on the transaction, Fanny Combourieu said: “We are delighted to be advising Hy24 once again on a significant international transaction. Earlier this year, we advised Hy24 in the context of a EUR200 million joint-venture with Everfuel to accelerate the deployment of green hydrogen production infrastructure in the Nordic countries. We also advised on the JV’s first investment, the acquisition of the HySynergy Phase1 20MW green hydrogen production plant in Fredericia, Denmark, which has just closed. These transactions showcase DLA Piper’s strength in providing our clients with a best-in-class service spanning different areas of law, across different jurisdictions, all in a seamless approach. Our firm truly operates as one team without borders.

Vincent Seah, Finance, Projects & Restructuring partner and co-country managing partner of DLA Piper Singapore added:“We are proud to have been involved in another landmark transaction which will have a significant impact on the development of hydrogen infrastructure and markets, and the uptake of green hydrogen as part of the global energy transition. Hydrogen will undoubtedly be a key component of tomorrow’s energy mix and many governments, companies and investors believe that it will be a big part of the solution for reducing greenhouse gas (GHG) emissions and shrinking our carbon footprint.”

Corporate partner Katherine Chew is leading the transactional documents negotiations with assistance from senior associate Ying Chern Tan, whilst Finance, Projects and Restructuring partner and co-country managing partner Vincent Seah is leading the projects aspect of the transaction. Katherine, Vincent and Ying Chern are all based in Singapore. Tax partner Fanny Combourieu is leading the tax structuring aspects of the transaction with support from partner Barbara Voskamp, counsel Thomas Guillier, and consultant Anne Klaassen. Fanny and Thomas are based in Paris, while Barbara and Anne are based in Singapore.

Corporate partner Chris Mitchell, special counsel Sarah Wilson, senior associate Chanel Mercurio and associate Davina Khoo, all based in Melbourne, advised on the Australian aspects of the deal. London based Finance, Projects and Restructuring partner Iain Elder advised on the Oman aspects with assistance from counsel Bruce Chen, also based in London. Litigation & Regulatory partner Daniel Colgan advised on the competition law aspects of the transactions with support from senior lead lawyer Daniel Wojtczak, both based in Brussels.

Note: The investment is subject to the required regulatory approvals.