Cross Continent Green Hydrogen Joint Venture

• PASH Global and ERIH Holdings to form a green hydrogen JV to establish 5 GW electrolyzer capacity by 2030
• It will require investment in 10 GW renewable energy capacity to be developed in Turkey, Italy, Spain, Greece, Serbia and Colombia
• All the renewable energy generation will be used for captive use of green hydrogen and ammonia projects

UK based clean energy impact investor PASH Global along with Turkey based ERIH Holdings will develop 10 GW of renewable energy generation capacity including solar to power 5 GW green hydrogen and ammonia projects that the duo plans to establish across select nations in Europe and Latin America with a vision to build the 'Next-Generation Utility'.

The 5 GW electrolyzer capacity will be powered by solar, wind and geothermal among other renewable energy generation sources in Italy, Spain, Turkey, Greece, Serbia and Colombia by 2030. All of this 10 GW renewable capacity will be developed for captive use of green hydrogen generation on round-the-clock basis.

PASH and ERIH plan to realize these plans through a 50:50 joint venture (JV) that will plan for initial 2 projects in Turkey and Italy. It will work with potential partners to develop the commercial and technical concepts for the same.

As project coordinator, ERIH is working out partnerships between customers and system operators for the green hydrogen partnership.

"Without hydrogen there can be no energy transition, no climate neutrality, and no move away from fossil fuels," said ERIH Holdings CEO Akin Gunduz. "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."

The partners said while there is still time for these projects to come online, the JV provides a scalable platform to supply green hydrogen to end consumers.

The European Union aims to produce 10 million tons and import 10 million tons of renewable hydrogen by 2030, as part of the REPowerEU plan. In March 2023, it agreed on a binding target to achieve 42% renewable hydrogen target for the industrial sector by 2030 as part of the Renewable Energy Directive (REDIII) update (see EU Settles For 42.5% RE Target For 2030).

Earlier this month, the European Commission approved a €450 million Italian scheme to support investments in integrated production of renewable hydrogen and renewable electricity in brownfield industrial areas under the Recovery and Resilience Facility (RRF). It also approved state aid of €158 million to support the installation of a 100 MW electrolyzer and construction of a 50 MW solar PV with 20 MWh battery storage capacity in Poland saying the project will contribute to the EU Hydrogen Strategy (see Poland's Solar Powered Green Hydrogen Project).

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