UPDATE - EIB funds baseload solar-plus-storage project in French Guiana

The European Investment Bank (EIB) has extended EUR 25 million (USD 29.3m) in debt to the company behind a project calling for the construction of a baseload renewable complex in French Guiana, combining solar, hydrogen, battery storage and fuel cells.

To be installed in the municipality of Mana, in the northeastern part of the overseas French department, the so-called CEOG Renewstable Power Plant will consist of a 54.5-MW photovoltaic (PV) park, 16 MW of electrolysers to produce green hydrogen and store up to 88 MWh of power in a gaseous form, as well as a 38-MWh battery and a 3-MW fuel cell system. The complex will produce dispatchable power to around 10,000 homes.

The EIB financing was granted to CEOG SAS, a special purpose vehicle set up by Paris-based investment fund Meridiam (60%), petroleum operator SARA (30%) and hydrogen technologies developer Hydrogene de France, better known as HDF Energy, (10%). The partners intend to commission the complex in 2024.

Meridiam will lead the project development and will manage the power plant in the long term. HDF Energy, which developed the hybrid battery-hydrogen energy storage system, will provide development and engineering services.

The partners previously said they will pour some USD 200 million to implement the scheme. Siemens Energy has been picked as the engineering, procurement and construction (EPC) contractor. HDF will take care of supplying the hydrogen fuel cells, while the electrolysis platform will be delivered by French hydrogen firm McPhy Energy SA.

(EUR 1.0 = USD 1.171)

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