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
