Singapore's GIC invests in renewable energy firm InterContinental Energy

Singapore's sovereign wealth fund GIC has made a strategic equity investment in renewable energy firm InterContinental Energy, or ICE, which has long-term projects in Australia and the Middle East for renewable hydrogen and ammonia, a joint announcement said late Jan. 26.

"GIC is supportive of ICE's global hydrogen vision, one that aligns with GIC's continuing steps in supporting green innovation and the broader energy transition," the statement said, announcing the "strategic equity investment in ICE."

ICE has a total portfolio of 200 GW of upstream -- onshore wind and solar -- capacity which will enable production of more than 14 million tons (mt) per annum of green hydrogen, or 80 mt/per annum of green ammonia, according to the statement.

"This is a strategic investment to position GIC early for the emerging hydrogen economy," Ang Eng Seng, chief investment officer of Infrastructure at GIC, said. "We believe that in time, hydrogen will play a crucial role in decarbonization globally and that InterContinental Energy will be a key player in this transformation."

The sum of investment was not specified by GIC.

On its website ICE says its portfolio represents over $200 billion of investment.

InterContinental's Australian projects include the 50 GW Western Energy Green Hub (WGEH) and the 26 GW Asian Renewable Energy Hub (AREH), both in the Western Australia state. CWP Global, and the Mirning People are the other consortium partners in WGEH and CWP Asia, Vestas, and Pathway Investments are the partners in AREH.

The 25-GW Green Energy Oman project is in partnership with OQ, the integrated energy company of the Sultanate of Oman as well as EnerTech, a Kuwait government-backed clean energy investor and developer.

At the Saudi Arabia Renewable Energy Hub, InterContinental Energy is working with Saudi Arabia's Modern Group and Aramco.

In an interaction with S&P Global Platts Dec. 14, InterContinental Energy's head of Australia Brendan Hammond said the two Australian projects were progressing despite an environmental hurdle at AREH. The company would make a renewed application for the environmental nod, keeping in view the matters raised by the environment ministry, Hammond said.

Key demand for the new fuels is expected from marine, power generation, industrial processes, and heavy transport sectors and the company expects to offset over 200 mt of carbon dioxide per annum, the statement said.

GIC is a leading global investment firm established in 1981 to secure Singapore's financial future and makes long-term investments in a wide range of asset classes and active strategies globally.

On its website, InterContinental Energy says hydrogen is projected to become a $2.5 trillion market by 2050.