HH2E in talks to raise up to $317 mln in debt to fund growth – sources.
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.
The company, co-founded by former Uniper (UN01.DE) CEO Andreas Schierenbeck, wants to have 4 gigawatts of capacity in Germany by 2030 and already requires up to 300 million euros in funds for its initial expansion phase.
HH2E confirmed that it has engaged with BNP Paribas as a debt adviser.
Mark Page, HH2E CFO, said:
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.
BNP Paribas had no immediate comment.
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.
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HH2E in talks to raise up to $317 mln in debt to fund growth – sources. source
