Fortescue and Actis Joint Venture to Develop Green Hydrogen Project in Oman

Hydrom has awarded a contract to a joint venture between Actis and Fortescue to develop and manage a large green hydrogen project in Oman. The project will involve the construction of up to 4.5 GW of wind and solar renewable energy resources that will power electrolyzers with the potential to produce up to 200,000 metric tons of green hydrogen per year. This will then be sold to local offtakers as well as processed into derivatives for export via Port of Salalah. The project is currently in feasibility stage.

Hydrom and consortium between Fortescue and Actis signing development agreement
 

Hydrom selected the consortium due to their pivotal role in the green energy market. Fortescue and Actis are both major players in the green energy space globally. Actis has an extensive track record of developing renewable power projects globally, with an operational capacity of 21 GW (16 GW operational, 5 GW under construction or contracted) managed by the firm to date. While Fortescue is a global leader and innovator in the green hydrogen industry with a pipeline of projects globally, including three that have reached FID (final investment decision).

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Fortescue and Actis both believe a successful green hydrogen sector is a prerequisite for a successful transition away from fossil fuels and towards the decarbonisation of many hard-to-abate sectors. The consortium has received significant support from prominent institutions keen to participate in the financing of the project.

Moataz Kandil, MENA President at Fortescue, said, “Actis and Fortescue are completely in sync with our ambitions to decarbonise and create a new green energy industry globally. We share a common vision for the pivotal role that green hydrogen and green ammonia will play in forging a sustainable future.”

About Fortescue 

Fortescue is leading the green industrial revolution by developing technologies to decarbonize hard-to-abate sectors while building a global portfolio of renewable energy projects. The company aims to harness the world's renewable energy resources to produce renewable electricity, green hydrogen, green ammonia, and other green industrial products.

Key Projects

Phoenix Hydrogen Hub: This is Fortescue's groundbreaking venture into liquid green hydrogen production in the United States, strategically located in Buckeye, Arizona, within the Phoenix Metropolitan Area. The project is expected to achieve its first production of liquid green hydrogen by mid-2026.

Gladstone PEM50 Project: The 2 GW PEM Electrolyzer Factory in Gladstone Located in Queensland, Australia, this project is another significant step by Fortescue towards green hydrogen production.

Projects in Norway: Fortescue is developing a global portfolio of green hydrogen and green ammonia projects, with two potential projects already in the pipeline across Norway.

For further details, about upcoming green hydrogen projects, explore our database

About Actis

Actis is a global investment firm focused on the private equity, energy, infrastructure, and real estate asset classes. The firm is committed to sustainable infrastructure and invests to accelerate the transition to a net-zero future. Actis primarily focuses on investments in emerging renewable energy markets in Africa, China, India, Latin America, Southeast Asia, the Middle East, and Eastern Europe.

The UK government established CDC Group plc in 1948 with the goal of making investments in emerging markets in Africa, Asia, and the Caribbean. Actis was born out of CDC Group plc in July 2004. The firm has made significant strides in the industry, including the launch of the "Actis Impact Score", an open-source framework that consistently measures impact from investment to investment. Actis has also been involved in various partnerships and renewable energy projects. 

Read: RWE Gets Approval for $155 Million Investment for Eemshydrogen Project

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