All three Schroders Greencoat-backed projects have been progressed to bilateral negotiations in the first hydrogen allocation round (HAR1) of the UK Government’s Net Zero Hydrogen Fund.
The projects, each originated by Carlton Power, are a part of GHECO’s initial development plan as Schroders Greencoat works with the firm to accelerate the development of green hydrogen projects in the UK.
In addition, they are among 17 selected by the UK Department of Energy Security & Net Zero for bilateral negotiations and further assessment as part of HAR1.
The green hydrogen produced will be used for industrial and manufacturing companies nearby to aid decarbonisation.
James Samworth, partner and co-head of Schroders Greencoat’s Energy Transition team, said: “We are pleased that Carlton Power’s three projects have made the final 17 shortlisted in the first round of allocations of the government’s Net Zero Hydrogen Fund, and we will be working closely with Carlton to bring them into commercial operation. Green hydrogen is set to play a critical role in the UK’s energy transition and our proposed projects have the potential to significantly contribute to the government’s ambitious hydrogen commitments. Schroders Greencoat is well placed to pioneer green hydrogen production in the UK, with a track record as one of the UK and Europe’s leading and longest investors in renewable energy infrastructure.”
Keith Clarke, founder and CEO of Carlton Power, added: “We welcome the Government’s HAR1 announcement. The shortlisting of our Phase 1 green hydrogen projects is testament to the hard work of our team over recent years and has benefited hugely from our partnership with Schroders Greencoat to form GHECO, as well as the support of local stakeholders and local business communities.”
Schroders Greencoat and Carlton Power announced the formation of the GHECO joint venture earlier this year, with the ambition to build a project portfolio in the UK of 500 MW by 2030.
Furthermore, government contracts are set to be awarded in Q4 2023.
