ReNu Energy and its subsidiary Countrywide Hydrogen (the group) have signed a term sheet for a potential $100 million from super fund HESTA.
The term sheet is a non-binding strategic framework formalising HESTA’s intention to invest up to $100 million in the group’s green hydrogen projects.
It also confirms the companies’ intention to advance to a definitive agreement once HESTA has completed its due diligence.
ReNU CEO Greg Watson celebrated the agreement and welcomed HESTA as a green hydrogen investor.
“HESTA is a recognised leader in responsible investment. Our task now is to advance to definitive agreements as soon as possible and progress commercial discussions with our project partners for green hydrogen offtake,” he said.
Geoffrey Drucker is the executive director for ReNU, as well as the managing director for Countrywide.
Drucker said Countrywide identified HESTA’s ambition to advance the green hydrogen industry.
“HESTA’s support will enable the Group to progress its hydrogen projects from concept to production and meet its objective to be the first-mover in domestic green hydrogen production,” said Drucker.
The agreement was also celebrated by HESTA chief investment officer, Sonya Sawtell-Rickson, who said that the company was thrilled and would continue to look for further low-carbon investment opportunities.
“This investment will also serve our members’ best financial interests over the long-term by contributing to an equitable, orderly and timely transition to net zero emissions by 2050,” she said.
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