Clifford Chance Advised Actis On Joint Venture With Fortescue For Green Hydrogen Project In Oman
Clifford Chance Advised Actis On Joint Venture With Fortescue For Green Hydrogen Project In Oman
Clifford Chance, a prominent international law firm, has provided legal counsel to Actis, a leading global investor in sustainable infrastructure, regarding its joint venture with Fortescue, a global integrated green energy, metals, and technology company. The collaboration aims to develop a significant green hydrogen project in Oman, marking a significant milestone in the nation's transition towards sustainable energy solutions.
The Actis-Fortescue consortium has secured exclusive rights to a prime site by Hydrogen Oman SPC, an entity established by the Omani government to drive and execute the country's green hydrogen strategy. The ambitious project, currently in the feasibility stage, has the potential to generate up to 200,000 tonnes of green hydrogen annually. It is anticipated to entail the construction of approximately 4.5 gigawatts (GW) of wind and solar renewable energy infrastructure to power electrolysers, which will facilitate the production of green hydrogen.
Actis and Fortescue envision the hydrogen produced to be supplied to local industrial consumers, with the possibility of further processing into derivatives such as green ammonia for export through the port of Salalah, Oman. This endeavor underscores the commitment of both companies to promoting sustainable practices and fostering the growth of green energy initiatives on a global scale.
Nicholas Hughes, a Partner specializing in clean energy M&A at Clifford Chance, led the legal team advising on this transformative project. Supported by Senior Associate Samuel Monk and Associate Ola Popoola, the Clifford Chance team provided invaluable guidance throughout the joint venture's negotiation and structuring process.
