Feds sign agreement that includes a credit facility for World Energy GH2, push is on to be first producer

    Thursday, 29 February 2024 07:00

    By Tonya Organ

    This includes a $128M (US$95M) credit facility to support the development of Project Nujio’qonik through to its financial close of its long-term financing.

    The federal government has signed an agreement with World Energy GH2  to develop green energy. Canada's Minister of Labour and Seniors, Seamus O’Regan, announced support for the country’s first commercial-scale green hydrogen / ammonia facility on the west coast of Newfoundland and Labrador. This includes a $128M (US$95M) credit facility to support the development of Project Nujio’qonik through to its financial close of its long-term financing. World Energy GH2 plans to construct windmills in Bay St. George. The agreement demonstrates continuing support of the Canada-Germany Hydrogen Alliance signed between the two countries at Project Nujio’qonik’s site in Stephenville, in August 2022. It also provides leadership for renewable green energy to be generated and exported to markets in Germany, Europe and around the world, as well as for domestic consumption.

     

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