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SK ecoplant invests in US$4.5 billion Canadian green hydrogen project

Fasken
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Overview

Client

SK ecoplant

On May 17, 2023 SK ecoplant, the environment and energy arm of SK Group, executed an investment agreement with World Energy GH2 in Project Nujio’qonik (the “Project”) – a US$4.5 billion green hydrogen and ammonia production project based in the Canadian province of Newfoundland and Labrador. By way of the agreement, SK ecoplant will acquire a 20% stake in the first phase of the project.

The agreement represents the first overseas investment in a Canadian green hydrogen project. The Project, developed by World Energy GH2, will be Canada’s first commercial green hydrogen/ammonia producer created from 3+ GW of renewable electricity through wind projects in one of the world’s best wind resource regions.

SK ecoplant leads the future ESG business of SK Group, a South Korea-based operator of more than 200 companies across the energy, life sciences, advanced materials, mobility, and semiconductor industries.

Fasken advised SK ecoplant on the Canadian aspects of the investment with a team comprised of Janet Howard (Energy & Climate), Huy Do (Competition, Marketing & Foreign Investment) and Andrew House (National Security Law).

Jurisdiction

  • Ontario

Team

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