Paris, France – 19 October 2021 – DNV, the independent energy expert and assurance provider, has acted as the lenders technical advisor and provided technical due diligence reviewing the world’s largest power plant project combining photovoltaic energy and massive storage of 128MWh by “Centrale Electrique de l’Ouest Guyanais” (CEOG).
Meridiam, the main shareholder and developer worked with HDF, a global pioneer in hydrogen energy and Sara, a key player in the production of energy in French Guiana, for over 3 years to structure a bankable project with a pool of leading financial institutions. Using the Renewstable®concept developed by HDF Energy, combining a PV park, battery and hydrogen-based storage station located in Saint-Laurent-du-Maroni, CEOG aims to produce stable and continuous power, 24 hours a day, without polluting emissions and without fuel logistics.
This innovative power plant will produce 100% renewable combining a photovoltaic plant and mass storage of energy in the form of hydrogen to supply the equivalent of 10,000 homes in Western French Guiana at a lower cost than diesel power plants in the region. CEOG will prevent the emission of 39,000 tons of CO2 per year and make it possible to secure local consumption basin in the event of failure or maintenance of the electricity network.
DNV experts from four different countries evaluated technical risks and mitigation measures relative to typical industry practice; and advised on the technical status including the project description and site assessment, the license and environmental permits, the energy production modelling, and the design and technology review assessing PV modules, inverters, battery, electrolysers and fuel cells. In addition, the scope of work covered the grid, Power purchase agreement and financial model review, the engineering, procurement, and construction and operations and maintenance agreements.
The project construction begins in autumn 2021 and commissioning is scheduled for early 2024. It is estimated to generate sales of around 17 million euros for local businesses. The power generated by CEOG will be distributed in French Guiana’s grid and its production will be framed in a 25-year contract.
“Being recognized as bankable with Technical Due Diligence performed by DNV is a success for HDF Energy’s Renewstable® solution. This strengthens our capability to develop and get financing for our worldwide pipeline of hydrogen power projects. DNV’s team has excellent competences about hydrogen and hybrid power plants. They brought deep insights about the technology and supported the project from the beginning” said Damien Havard, CEO of HDF Energy.
“We are proud to provide our combined energy expertise to the world’s largest green hydrogen-power project to the date, our aim is to enable green electricity to close the gap to meet Paris ambitions. Decarbonized power plants are an important aspect of transitioning towards a clean energy future. Our senior experience for all technology involved including solar PV, battery systems and hydrogen technology was a key differentiator during the selection process” said Santiago Blanco, Executive Vice President and Regional Director, Southern Europe, Middle East, Africa and Latin America, Energy Systems at DNV.
DNV’s Energy Transition Outlook forecasts that the future production of hydrogen for energy purposes will be dominated by electrolysis using dedicated off-grid renewables, such as solar and wind farms. By 2050, 18% of hydrogen will be grid-based and 43% will come from dedicated capacity comprising solar PV (16%), onshore wind (16%) and fixed offshore wind (9%).
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In the energy industry
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Meridiam was founded in 2005 by Thierry Déau, with the belief that the alignment of interests between the public and private sector can provide critical solutions to the collective needs of communities. Meridiam is an independent investment Benefit Corporation under French law and an asset manager. The firm specializes in the development, financing, and long-term management of sustainable public infrastructure in three core sectors: mobility, energy transition and environment, and social infrastructure. With offices in, Addis Ababa, Amman, Dakar, Istanbul, New York, Luxembourg, Paris, Toronto and Vienna, Meridiam currently manages US$18 billion and more than 100 projects and assets to date. Meridiam is certified ISO 9001: 2015, Advanced Sustainability Rating by VigeoEiris and applies a proprietary methodology in relation to ESG and impact based on United Nations’ Sustainable Development Goals (SDGs).
About HDF ENERGY
HDF Energy is a global pioneer in hydrogen energy. HDF develops, finances and operates multi-megawatts Hydrogen-Power plants. These plants provide continuous or on-demand electricity from renewable energy sources (wind or solar), combined with high power fuel cells supplied by HDF.
HDF has developed the world’s first mass production plant for high-power fuel cells for energy, which will be commissioned in France in 2023. Through this activity, HDF Energy will also serve the maritime and data center markets. HDF Energy is a powerful accelerator of the energy transition by offering non-intermittent, grid-friendly and on-demand renewable power. HDF is a company listed on the regulated market of Euronext Paris.
About SARA (Group RUBIS)
SARA “Société Anonyme de la Raffinerie des Antilles” has been a key player in the production of energy in Martinique, Guadeloupe and French Guiana for more than 50 years and generates 700 direct and indirect jobs. Its historical missions are to ensure the energy independence of these territories in terms of petroleum products, to ensure the strategic stocks, to contribute to the industrialization effort, to be a high-tech pole and to play a leading role in society. Within the framework of the energy transition, its strategy is to perpetuate, modernize and decarbonize its core business, while developing new activities around new energies.
The development of these projects is based on three essential criteria: the creation of local, non-displaceable jobs, social acceptability and the search for partnerships that benefit the projects. This strategy, which has now been proven, is part of a circular and territorial economy approach, with the aim of achieving carbon neutrality in the medium term. To achieve this, SARA invests in innovative projects ranging from Research, Development and Innovation to the combination of mature technologies, systematically monitoring their impact on the climate and the local economy.