DOE announces $500M loan guarantee for clean hydrogen – Black & Veatch and WSP involved in project

April 28, 2022

DOE announces $500M loan guarantee for clean hydrogen – Black & Veatch and WSP involved in project

Earlier this week, the Department of Energy unveiled a loan guarantee to Advanced Clean Energy Storage I, LLC, Mitsubishi Power Americas, Inc. and Magnum Development, LLC, and Haddington Ventures, LLC, for up to $504.4MM in debt financing for the Advanced Clean Energy Storage Project, expected to be the world’s largest industrial green hydrogen production and storage facility.  

According to a news release from Mitsubishi Power Americas: “The industry-leading Advanced Clean Energy Storage hydrogen hub, located in Delta, Utah, was announced in May 2019, and within three years is in the final stages of debt and equity closing. Currently, the hub has secured all major contracts including offtake; engineer, procure and construct (EPC) contractors; major equipment suppliers, and Operations and Maintenance (O&M) providers. Haddington Ventures, the financial advisor for the hub and equity sponsor of Magnum Development, is securing $650MM through its Equity Syndication Program. These critical financial investments will ensure the future growth and scalability of the hub.”

ACEC member firms are working on the project at the hub including Black & Veatch, and WSP, which are both providing EPC services.  

Read the entire news release on the award from Mitsubishi Power here. 

 

 

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