Masdar + France’s Hy24 to invest in global hydrogen supply chain: UAE renewables developer Masdar signed a strategic joint development and investment framework agreement with France’s Hy24-managed Clean Hydrogen Infrastructure Fund to boost large-scale green hydrogen production projects globally, according to a statement released on Thursday. Under the agreement, Masdar will get access to a pipeline of up to EUR 2 bn in co-invest and co-develop in green hydrogen supply chain projects across MENA, the Americas, Asian Pacific countries, and European markets.

REFRESHER - Hy24 — a joint venture between asset manager FiveT and private equity firm Ardian — reached close on its EUR 2 bn clean hydrogen fund last year, which at the time was the world’s largest. Investors in the fund include TotalEnergies, Baker Hughes, Airbus, AXA, and Crédit Agricole Assurances. The company plans to raise EUR 20 bn over the next six years to scale up clean hydrogen value chains.

There’s already an investment model hashed out: Masdar and Hy24’s co-investment strategy will be modeled on a Power-to-X framework with the aim of setting up an all encompassing clean energy production value chain from renewables, to green hydrogen and its derivatives including green ammonia, e-methanol, sustainable aviation fuel, and liquid hydrogen, Masdar notes.

Not Masdar’s only recent co-investment agreement: Earlier this month, Masdar signed a strategic partnership agreement with Spain’s Iberdrola to co-invest up to EUR 15 bn in exploring development projects in the offshore wind and green hydrogen in key markets including Germany, the UK, and the US.

Hy24 is no stranger to MENA: Hy24 invested USD 115 mn alongside Singapore’s sovereign fund GIC in InterContinental Energy's green hydrogen expansion plans in the Middle East and Australia. Hy24 plans to leverage Masdar’s 20 GW renewables portfolio, along with the partnerships its parent company Adrian have formed in the MENA region, to open up new investments in the area.

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