Province Resources agrees binding key terms with Total Eren to develop HyEnergy ® green hydrogen project.
Province Resources Limited (Province) has finalised the negotiation of key terms with Total Eren Australia Pty Ltd (Total Eren) for the co-development of the HyEnergy® green hydrogen project in the Gascoyne region of Western Australia.
The agreement builds on the Memorandum of Understanding signed by both parties in 2021 to support the development, which has subsequently been recognised by the Western Australian Government as a project of State significance.
Province CEO and Managing Director David Frances said the agreement on key terms would keep the HyEnergy® project at the forefront of large-scale green hydrogen developments in Australia.
Mr Frances, Province CEO and Managing Director said:
The key terms recognise the value of Province’s unique relationships with stakeholders in the project area, including native title holders, pastoralists and the wider community.
“It also recognises the deep experience and technical capability that Total Eren brings to the table.
“We have ensured that the key terms provide value for Province shareholders and provide the best possible path forward for the project and we look forward to continue our positive relationship with Total Eren.”
Total Eren and Province have made significant progress in recent months on land access for the HyEnergy® development, including receipt of consents from the Baiyungu and Yinggarda people for licences covering the project area. Agreements have also been reached with a number of pastoralists in the region.
Total Eren is a global renewable Independent Power Producer (IPP) with 3.5 GW of solar and wind farm assets in operation globally. It is part-owned by TotalEnergies, one of the world’s biggest energy companies.
Earlier this year Province announced that the parties had completed a positive scoping study for the development.
The scoping study was based on a two-phase development with the initial construction and operation of 4GW of upstream power generation, transmission infrastructure and downstream hydrogen production facilities. An additional 4GW of renewable power would be added in Phase 2.
The agreement on key terms paves the way for a significant step-up in feasibility activities for the project.
A summary of the key terms agreed between Province and Total Eren are attached as an appendix to this announcement. This announcement has been approved by the Board.
Highlights:
- Legally binding key terms finalised with Total Eren to guide the development of the HyEnergy® green hydrogen project
- Agreement settles 50:50 structure in the project and relationship between the parties, together with their key roles as the project moves through feasibility stages
Province Agrees Binding Key Terms with Total Eren to Develop HyEnergy® Project, August 22, 2022
