World Energy GH2 acquires the Port of Stephenville
Following on from a $50 million investment in Project Nujio’qonik announced last month, World Energy GH2 has announced that it has acquired a key piece of infrastructure for project development: the Port of Stephenville on Newfoundland’s west coast. The current port sits in between key elements of the project: two planned, GW-sized wind farms on either side of St. George’s Bay, and a proposed site for the electrolytic hydrogen plant close to the port. High-voltage transmission lines will connect the wind farms to the electrolysis plant. World Energy GH2 indicates that it will follow protocols from leading European ports to ensure robust international safety standards, and work to ensure the safe shipping of ammonia from Stephenville.
The Port of Stephenville is the cornerstone of our project and will position the Bay St. George area as a green energy hub. As a project and an industry, we are building serious momentum here. In just the last few weeks, several key pieces have come together, including the partnership agreement with SK ecoplant, marking the first overseas investment in a Canadian green hydrogen project. Now, we have acquired the Port of Stephenville, a key asset for the production and shipping of green hydrogen and green ammonia. These are important de-risking milestones in the development of our project – and in the launch of a new industry.Sean Leet, Managing Director and CEO of World Energy GH2 in his organisation’s official press release, 1 June 2023
Port of Argentia, Pattern Energy agree to commercial terms
On the other side of Newfoundland island, the Port of Argentia and Pattern Energy have agreed to commercial terms for a planned renewable fuels project adjacent to the port. The agreement includes land lease rates at the Port, priority berthing charges, and a wind royalty on electricity sales. The port (via the capital entity Argentia Capital Inc.) will also receive royalties from sales of renewable ammonia, and have the option to co-invest in the project.
Today, we are announcing an agreement on Pattern’s wind energy to ammonia project which will generate significant wealth, business opportunities and employment for our region for decades. Pattern Energy is proving to be an ideal development partner and we are excited about the benefits this project will bring in the years to come.Genny Picco, Port of Argentia Chairperson in her organisation’s official press release, 5 June 2023