CIP Acquires Majority Stake in Wind and Hydrogen Project in Newfoundland
Key Ideas
- Copenhagen Infrastructure Partners (CIP) has acquired a 90% stake in the Toqlukuti’k Wind and Hydrogen project in Newfoundland and Labrador from ABO Energy.
- The project aims to develop 5GW of onshore wind capacity to produce green hydrogen and ammonia for domestic use and export, creating over 4,000 construction jobs and 400 long-term jobs.
- ABO Energy will remain engaged with a 10% stake while CIP plans to make the project globally competitive in hydrogen production.
- The acquisition aligns with Canada's goal of becoming a key clean hydrogen supplier to European markets, with plans for a $400m hydrogen trade auction with Germany.
Copenhagen Infrastructure Partners (CIP) has acquired a significant 90% stake in the Toqlukuti’k Wind and Hydrogen project in Newfoundland and Labrador from ABO Energy. This project aims to develop up to 5GW of onshore wind capacity to produce green hydrogen and ammonia for both domestic and export purposes. The partnership includes a Memorandum of Understanding with Miawpukek First Nation and is expected to generate 4,000 construction jobs and 400 long-term positions. CIP's Energy Transition Fund sees the project as a valuable opportunity to produce globally competitive hydrogen. ABO Energy will continue to be involved with a 10% stake and co-developer role. The project aligns with Canada's ambition to become a significant clean hydrogen supplier to European markets, with plans for a substantial hydrogen trade auction with Germany. The development of Toqlukuti’k represents a crucial step towards achieving net-zero goals, showcasing collaboration across continents and technologies.