White Summit Capital, in Cooperation with Marubeni, to Develop Over 1GW of Industrial Scale Green Hydrogen Projects in Spain Targeting Both National and International Export Markets

White Summit Capital AG (“White Summit Capital” or “WSC”), a specialised energy transition, new energies and infrastructure investor, and Marubeni Corporation (“Marubeni”), a leading global conglomerate headquartered in Tokyo, have entered into a Memorandum of Understanding under which Marubeni will cooperate with White Summit Capital in developing a target of 1GW of industrial scale green hydrogen projects primarily in Spain over the next decade, targeting both national and eventually international markets. White Summit Capital is developing such projects through its vertically integrated green hydrogen subsidiary, HyFive (www.hy5ive.com).

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White Summit Capital Makes Further Inroads in Energy Transition through the Launch of HyFive, a Vertically Integrated Pure-Pure Play Green Hydrogen Company

White Summit Capital, the specialised energy transition and infrastructure investor, is delighted to announce the launch of HyFive, a vertically integrated pure-play green hydrogen Company.

HyFive (www.hy5ive.com), which is headquartered in Bilbao (Basque Country, Spain), will develop industrial scale, ultra-competitive green hydrogen and green ammonia facilities throughout Southern Europe, starting in Spain. Its products will be commercialised in the local and international markets.

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Fisterra Energy, Enagás and White Summit Capital Launch a Green Hydrogen Generation Project in the Bay of Algeciras

  • This initiative will contribute to decarbonising industry, energy generation and mobility in the area, promoting long-term employment
  • The project enables Andalusia to take advantage of its vast renewable resources available for green hydrogen production

Algeciras, 21st June 2021. Fisterra Energy, Enagás and White Summit Capital have put forward a project for a green hydrogen production plant in the Bay of Algeciras, Spain, with an installed capacity of 237 MW. This facility will supply green hydrogen to local industry, including large consumers of hydrogen and natural gas.

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Nortegas Inaugurates Bond Markets with Successful €550m 10yr Bond Issuance

WSC is pleased to announce that NorteGas has successfully issued a €550m 10-year bond, which was launched in parallel to a tender offer for the outstanding 2022 bonds.

NorteGas was one of the first corporates to inaugurate the bond market in 2021 and demand was strong. The bonds ended up almost 6x oversubscribed, with a final coupon of 0.905%.

This a clear sign that the market is very supportive of Nortegas’ credit, which underpins the investor community’s belief in the strategic role of gas infrastructure within energy transition.

This refinancing will allow NorteGas to continue pursuing its strategic plan, which has as its key pillars to promote decarbonisation and sustainability.

NorteGas is the second largest gas distribution company in Spain with 8,241 km of gas networks and over one million end-users, which it supplies with natural gas and LPG, in the Basque Country, as well as in Cantabria and Asturias.

White Summit Capital Solar Plant Structures Pioneering Mechanism to Export 280,000 Green Guarantees of Origin

La Isla, one of the largest solar photovoltaic installations in Europe at grid connection date, has structured a pioneering mechanism with ACT Commodities, the global leader in environmental commodity trading, to export 280,000 green guarantees of origin (green certificates).

Through this transaction la Isla affirms its commitment to the energy transition movement and becomes one of the leading renewable energy installations in Spain in terms of exported green guarantees of origin in 2020.

La Isla is part of White Summit Capital’s portfolio and has been operating since September 2019.

BENORHT2

White Summit Capital Launches a Pioneering Green Hydrogen Project (BENORHT2) in Collaboration with Castleton Commodities International, Bizkaia Energía, Nortegas and SENER

White Summit Capital, Castleton Commodities International LLC (CCI), Bizkaia Energía S.L., Nortegas and SENER are delighted to unveil the launch of BENORTH2, an ambitious 20MW green hydrogen project in the Basque Country, Spain.

The project – the first of its kind in Spain – will take advantage of the existing gas and electricity infrastructure adjacent to the Amorebieta CCGT power plant site, to develop a green hydrogen plant that will avoid over 12,000 tonnes of CO2 p.a. and help drive employment in the region by giving the Boroa site a future beyond conventional generation.

The utilization of existing infrastructure will be a key driver of the speed and cost competitiveness of the project.

Electricity from 100% renewable sources, through certificates of origin and green Power Purchase Agreements (PPAs), will be used to power an electrolyser and generate 1,500 tons of green hydrogen (H2)per year. One of the most exciting uses for the H2 will be blending it with natural gas and injecting it into Nortegas’ distribution network, which will allow gas-users to participate in the energy transition by reducing their CO2 footprint.

Other applications include using the green H2 to power the Amorebieta gas-fired Combined Cycle Gas Turbine (CCGT) plant to reduce its CO2 emissions, a H2 refuelling station on site for local fleets of hydrogen-powered heavy vehicles and supplying local industry needs, optional liquid H2 storage through chemical carrier, among others. Additionally, considering the site’s strategic location and competitive advantage in sourcing low-cost renewable energy, part of the excess H2 production could be exported or monetized through private green certificates in other European countries.

The project, which will commit an initial investment of €50 million, and developed through a digital twin model, is expected to reach a prompt start of operations by the end of 2022 due to the utilization of existing infrastructure. The intention is to scale-up the project to 200MW by 2030 with a total investment of €300 million.

The project is being developed and is expected to be majority owned by White Summit Capital (an infrastructure investor specialised in energy transition), and CCI (a global energy commodities firm and the majority owner of Bizkaia Energía), in collaboration with three industrial partners as shareholders: Nortegas (the 2nd largest gas distribution company in Spain), Bizkaia Energía (direct owner of the Amorebieta CCGT plant) and SENER (a leading Spanish engineering and technology group). The investment reflects the partners’ commitment to reducing emissions and promoting sustainability.

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H2 Spain

White Summit Capital Joins the Spanish Hydrogen Association (Asociación Española del Hidrógeno)

White Summit Capital is proud to announce that it has joined the Asociación Española del Hidrógeno to support and contribute to the development of the Spanish hydrogen industry. We feel very strongly about the universal benefits of hydrogen and are looking forward to collaborating with like-minded partners to turn the H2 dream into reality!

Sale of I-77 Express Lanes

We are delighted to announce that Cintra / Ferrovial and John Laing have agreed to acquire an additional 22.5% in I-77 Mobility Partners, the company developing and operating the I-77 Express Lanes project in Charlotte (NC), at an implied valuation of US$536m for 100% of the equity.

This transaction reinforces WSC’s strong track record in the infrastructure space since our initial investment in 2015 and validates our strategy of sourcing bilateral deals in sectors where we have in-depth knowledge and actively managing them to generate above-market returns.

WSC’s world-class transportation team will continue to seek superior risk/return capital deployment opportunities alongside large industrials in a sector which currently offers a unique investment proposition, primarily in the Americas and Europe.

Cintra / Ferrovial Press Release

John Laing Press Release

WSC COVID-19 Charitable Actions

At WSC, we have always been engaged with and supported our local communities. This is part of our ethical and social principles, which we try and exemplify every day. This year, as the COVID-19 pandemic continues to cause severe social and financial difficulties for families and businesses across the world, we have directed our charitable efforts to supporting those facing food insecurities. The economic impact of the crisis has left many people around the world on the breadline, having decreased or eliminated their income.

Angels & Sparrows is a soup kitchen in Huntersville, NC (USA), that has served over 72,508 meals since the start of the pandemic to anyone in need, without requiring proof of need.

Energía Solar San Ignacio, our renewable energy subsidiary in Mexico, donated basic food supplies to support 385 families within the Campestre Flamboyanes Community (Yucatan). The food pantries included rice, oil, sugar, toilet paper, soap, cookies, wheat flour, beans, pasta, and milk.

We are proud to be helping some of those who need it most and humbled by the effort and dedication of those behind these two benevolent causes.

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