Germany's state-backed Power-to-X Development Fund, managed by Bavaria-based fund manager KGAL, is facilitating investments in mature renewable hydrogen and derivatives projects globally to advance environmental and social development objectives. The fund, with an envelope of €270 million, recently allocated €30 million to an Egyptian project producing renewable ammonia. The fund is targeting countries like South Africa, Brazil, Morocco, Kenya, India, Egypt, and the newly added Colombia for round two investments based on ecological conditions and workforce readiness. Colombia's favorable renewables landscape and government support make it an attractive addition. Projects supported by the fund should have capital costs ranging from €100-500 million, with grants up to €30 million provided to assist in reaching financial close. The fund evaluates projects based on EU state aid law compliance, feasibility, technological readiness, profitability, and positive ecological and social impacts. The aim is to reduce greenhouse gas emissions, replace fossil fuels, create jobs, and ensure a just transition. The fund's support also indicates project sustainability to future financiers. Offtaker considerations vary per country, with a preference for local value creation. Lessons from round one emphasize the importance of meeting the fund's criteria for future submissions.