FRANKFURT– Hydrogen project developer HH2E is in talks to raise up to 300 million euros ($317 million) in debt to help fund its two planned projects in Germany, two people familiar with the matter said.
The company, in which UK-listed funds Foresight Group (FSGF.L) and HydrogenOne Capital Growth (HGEN.L) own stakes, is working with BNP Paribas (BNPP.PA) as debt adviser, the people said.
HH2E is currently working on getting two hydrogen projects off the ground in Germany, both located in the eastern part of the country, which could both be ramped up to a combined 2 gigawatts in capacity by 2030.
HH2E confirmed that it has engaged with BNP Paribas as a debt adviser.
“Appetite for green hydrogen as a new asset class is strong and banks tell us they have been waiting for projects with a strong commercial case,” HH2E CFO Mark Page said in an emailed statement.
Germany is ramping up its hydrogen capacity, also benefiting from companies such as Siemens Energy and Thyssenkrupp Nucera (NCH2.DE), hoping to emerge as a leader in the global market for the technology.
HH2E may consider a stock market listing if required to fund its growth plans in the future, one of its co-founders told Reuters in August, adding that for now the company’s focus remained on ramping up its operational business.
($1 = 0.9456 euros)
SOURCE: Reuters
Reporting by Christoph Steitz Editing by Miranda Murray and David Evans
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