ABO Energy Enters Partnership With CIP To Jointly Pursue Canadian Wind And Hydrogen Project

EQS-News: ABO energy GmbH & Co. KGaA / Key word(s): Joint Venture
ABO Energy enters partnership with CIP to jointly pursue Canadian Wind and Hydrogen Project
17.12.2024 / 14:10 CET/CEST
The issuer is solely responsible for the content of this announcement.

ABO Energy enters partnership with CIP to jointly pursue Canadian Wind and Hydrogen Project

ABO Energy transfers a 90 percent share of its Toqlukuti'k Wind & Hydrogen Project to the Danish Investor Copenhagen Infrastructure Partners (CIP). The large-scale onshore wind and hydrogen project is located in the Canadian Province of Newfoundland and Labrador. ABO Energy keeps 10 percent of the shares and 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 making Newfoundland, Canada, an attractive investment destination well positioned to serve future European green energy demand. The project land has capacity of developing up to five gigawatts onshore wind. The parties will jointly optimise the technical concept and capacities in line with market demand.

In August 2023, the project received a Wind Application Recommendation Letter from the Ministry of Industry, Energy and Technology, awarding the project 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 (pronounced 'dok-loo-gu-tik') was determined together with Miawpukek First Nation and originates from the traditional Mi'kmaq language of the Miawpukek First Nation, meaning“working together”. The project is expected to generate more than 4,000 construction jobs and over 400 long term jobs during the operation phase giving a boost to the local employment and economy.

Toqlukuti'k represents another project in the partnership between CIP and ABO Energy, which also includes Canada's largest onshore wind farm, Buffalo Plains, which with a capacity of 495 megawatts will provide clean energy to approximately 240,000 households in Alberta, Canada, once fully operational.

Karlis Povisils, Partner in Copenhagen Infrastructure Partners, commented:“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 in ABO Energy, shares:“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 realisation.”

17.12.2024 CET/CEST Dissemination of a Corporate News, transmitted by EQS News - a service of EQS Group AG.
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