Hydrogen Market Update: September

Executive Summary

The market is seeing continued development from both offtakers and projects’ FIDs1. Offtakers across a range of industries are moving forward, with the German steel industry tenders for green hydrogen progressing well, the H2Global EU import mechanism concluding its first auction for green ammonia, and Japanese importers making further progress on securing low carbon molecules, among others.

At the same time several projects have taken FID and entered into construction. Shell announced FID on a 100MW electrolyser project located at the Rheinland Energy and Chemicals Park in north-west Germany, RWE took FID on 300MW GET H2 Nukleus project in Lingen, Germany, and smaller electrolyser projects in Spain, Norway, Hungary and Germany entered construction or operations. The steel and refining industries continue to mature as early moving and very large offtakers within Europe. The German trade industry association for steel, WV Stahl, released a report that forecasts demand of 850,000 tonnes of green hydrogen per year by 2030. The purpose of this is to facilitate the transition of steel production from coal-based blast furnaces onto a hydrogen-based direct reduction of iron (“DRI”) process. To support this transition, the German federal government has awarded a range of transition subsidies to the steel industry which require the procurement of green hydrogen specifically. 

In parallel, the European refining sector is supporting large volumes of early activity, with TotalEnergies having previously announced its tender of 500,000 tonnes to decarbonise its six European refineries now joined by Shell’s Rheinland Energy and Chemicals Park project FID, where the stated use is displacing grey hydrogen in the refinery it owns there. Another example of refining demand is the commencement of operations of a 10MW electrolyser at MOL Group’s refinery in Százhalombatta, Hungary.

This project will cut emissions by 25,000 tonnes of CO2 per year by replacing grey hydrogen in the supply chain. MOL Group has stated that it is planning similar projects at its other refineries in Bratislava and Rijeka. The EU remains at the forefront of global hydrogen market development, with the re-election of Ursula von der Leyen as President of the European Commission indicating a continuation of the attractive environment for hydrogen investment that has emerged over the last few years. Since our last update the European Commission has approved national state aid requests that will support the construction of c.200MW electrolytic production projects in the Netherlands and the further development of the German hydrogen core network.

The German hydrogen core network also saw the final submission by German gas network operators of the network map and timetable for delivery. This provides hydrogen producers and consumers visibility on where and when they can expect to connect – a very significant milestone in the development of the German market. Foresight currently has investments in the hydrogen sector at this pivotal time.

Footnote 1 - FID: Final Investment Decision

Offtake

Below are high-level summaries of key announcements for hydrogen offtake announced in the last few months demonstrating strong demand-side momentum.

For more detail, click the links in the title.

German steel industry to become major green hydrogen offtaker – 15 August 2024

• German Steel Industry's Green Hydrogen Offtake: The German steel industry is set to become a major consumer of green hydrogen. Salzgitter AG has signed a pre-contract with Uniper for the supply of hydrogen, which will be used to decarbonise steel production. This move is part of Germany's broader strategy to reduce industrial emissions. 
• Future Demand: Potential future demand from the German steel sector could reach 850,000 metric tons per year by 2030. German government expects total hydrogen demand of 95-130 TWh (2.85 million-3.90 million t/y) by 2030.
• Steel Production Routes: Steel production accounts for 5% of European CO2 emissions and 8% globally. Germany produced 35.4 million metric tons of steel in 2023, with 9.8 MMt via EAF and 25.63 MMt via BF. Steelmakers plan to replace BFs with hydrogen-based DRI, paired with EAF.

Salzgitter eyes up to 150,000 tonnes of hydrogen for steel production – 25 June 2024 

• Hydrogen Utilisation for Steel Production: Up to 150,000 tonnes of hydrogen annually at the Salzgitter location in the first SALCOS® expansion stage. 100 MW electrolysis plant at Salzgitter site to produce around 9,000 tonnes per year from 2026. Part of efforts to reduce carbon emissions and transition to greener production methods via its low CO2 Steelmaking transformation program. Companies can register and submit bids through a structured process.
• External Hydrogen Supply: External supply scheduled to commence from 2027, contingent on connection to the hydrogen core network or other supply routes.
• This underscores the significant role of hydrogen in decarbonising heavy industries like steel production. By committing to large-scale hydrogen use and establishing robust supply chains, Salzgitter is driving demand and supporting the growth of the green hydrogen market. (Additional Source).

Scatec’s Egypt Green Hydrogen Project signed 20-year offtake agreement with Fertiglobe, based on H2Global award – 11 July 2024 

• 20-Year Offtake Agreement: Scatec and Fertiglobe have entered into a 20-year ammonia offtake agreement, signed at the Egypt-EU Investment Conference on 29 June 2024, valued at up to €397 million through the world first H2Global pilot auction.
• Production Capacity: The project will produce approximately 13,000 tonnes of renewable hydrogen and up to 74,000 tonnes of renewable ammonia annually, powered by about 270 MW of solar and wind capacity.
• Milestones: Next steps include selecting the electrolyser supplier and completing project financing with support from EBRD, EIB, DEG, BII, and DFC, aiming for financial close in the first half of 2025.
• Long-term offtake agreements and significant contract wins like H2Global enhance financial stability and commercial viability, driving further investment and growth in the green hydrogen market through competitive production and international collaboration.

Sembcorp to deliver 200,000 tonnes of green ammonia to Japan for offtake – 22 August 2024 

• Sembcorp's Green Ammonia Delivery to Japan: Sembcorp will deliver 200,000 tonnes of green ammonia to Japan. This offtake agreement supports Japan's efforts to decarbonise its energy and industrial sectors.
• International offtake agreements expand market reach and demonstrate global demand for hydrogen products, supporting industry growth.

Yara agrees to offtake green hydrogen-based ammonia from project located within Egypt’s biggest fertiliser plant – 02 July 2024 

• Yara's Green Hydrogen-Based Ammonia Offtake: Yara has agreed to offtake green hydrogen-based ammonia from a project within Egypt's largest fertiliser plant. This agreement supports the production of low-carbon fertilisers and contributes to sustainable agriculture.
• By securing offtake agreements, Yara is driving demand for green hydrogen, which encourages further investment in hydrogen production and infrastructure, supporting market growth.

Project FIDs

The following section provides high-level summaries of FID announcements for hydrogen projects globally. The growing momentum of FID announcements suggest increased investor confidence, with a focus on delivering production capacity to serve the growing offtake market.

Shell takes FID on 100MW green hydrogen plant for refining – 25 July 2024

• Shell's 100MW Green Hydrogen Plant: Shell has taken a final investment decision (FID) on a 100MW green hydrogen plant for refining. This plant will produce green hydrogen to be used in Shell's refining processes, reducing the carbon footprint of its operations.
• Major investments by companies like Shell signal confidence in hydrogen's future, encouraging further industry investment and development.

Construction starts on 20MW Norwegian green hydrogen plant – 09 August 2024 

• Norwegian Green Hydrogen Plant Construction: Construction has begun on a 20MW green hydrogen plant in Norway. This project is a significant step in Norway's hydrogen strategy, aiming to produce green hydrogen for industrial and energy applications.
• New hydrogen production facilities increase supply, lower costs, and demonstrate the feasibility of large-scale hydrogen projects, supporting market growth.

bp, Iberdrola FID 25MW green hydrogen project – 12 September 2024 

• Project Announcement: 25MW green hydrogen project at bp’s Castellón refinery in Spain, jointly financed by bp and Iberdrola.
• Funding and Capacity: Supported by a €15 million ($16.5 million) subsidy and expected to produce 2,800 tonnes of green hydrogen per year, reducing up to 23,000 tonnes of CO2 emissions annually. Powered by 200GWh per year of solar and wind energy from Iberdrola.

RWE taps Sunfire for 100MW of alkaline electrolysers in FID’d 300MW hydrogen project – 11 September 2024

• Sunfire's Contribution: Sunfire will supply a 100MW alkaline electrolyser system to RWE's 300MW GET H2 Nukleus project in Lingen, Germany. 
• Final Investment Decision (FID): RWE has taken FID on the project after securing over €619 million ($682 million) in grants from federal and state governments.
• Collaboration: The Sunfire system will work alongside two 100MW PEM units provided by ITM Power.
• This project demonstrates significant investment and collaboration in green hydrogen technology, highlighting the commitment of both public and private sectors. The substantial funding and integration of advanced electrolysis systems are crucial steps towards scaling up green hydrogen production, which is essential for decarbonising industries and achieving climate goals.

FID secured for 1.3GW RFNBO-compliant green ammonia plant in India – 27 August 2024 

• FID for Indian Green Ammonia Plant: A final investment decision (FID) has been secured for a 1.3GW RFNBO compliant green ammonia plant in India. This plant will produce green ammonia, which can be used as a clean fuel and in various industrial processes.
• Securing FID for large-scale projects signals confidence in the hydrogen market, attracting further investment and technological innovation

Project Investments

Below are high-level summaries of key announcements for project investments, development milestones, and construction starts in the last few months, demonstrating a maturing of the market as the project pipeline accelerates.

MOL starts green hydrogen production from 10MW plant at Hungarian refinery – 05 September 2024

• MOL's Green Hydrogen Production in Hungary: MOL has started producing green hydrogen from a 10MW plant at its Hungarian refinery. This hydrogen will be used to decarbonise refinery operations and reduce overall emissions.
• Initiatives like MOL's green hydrogen production demonstrate practical applications of hydrogen, encouraging adoption across industries.

Air Liquide inaugurates 20MW German green hydrogen plant for pipeline supply – 27 August 2024 

• Green Hydrogen Production: Air Liquide inaugurated a 20MW PEM electrolyser plant at its Oberhausen site in Germany.
• Plant Capacity: The plant can produce up to 2,900 tonnes of renewable hydrogen per year.
• Pipeline Connection: The site is connected to Air Liquide’s existing hydrogen pipeline, supplying industrial and mobility customers.

SSE, EET Hydrogen plan to build 40MW UK green hydrogen production plant – 10 September 2024

• SSE and EET Hydrogen have announced plans to develop a 40MW green hydrogen production facility at the Stanlow Manufacturing Complex in Ellesmere Port, Cheshire.
• Project Details: The facility, Gowy Green Hydrogen, will supply hydrogen to industrial offtakers in the region to support decarbonisation efforts. 
• Timeline: The project could be operational by 2028, with planning permission expected to be submitted in 2025.
• Partnership: SSE Thermal and EET Hydrogen are collaborating on this project, leveraging their expertise in clean energy and hydrogen production.

Infinium secures $1.1bn investment from Brookfield for hydrogen e-fuel expansion – 10 September 2024

• Investment Breakdown: Brookfield has committed to invest up to $200 million in Infinium, with an additional $850 million earmarked for Infinium’s second project in Texas, subject to pre-agreed metrics.
• Project Roadrunner: This project will produce e-sustainable aviation fuels (e-SAF) from green hydrogen and capture carbon dioxide (CO2), as well as some e-diesel for transport and e-naphtha for low-carbon plastics.
• Expansion Goals: The investment aims to expand Infinium’s hydrogen e-fuel production capabilities and support the development of sustainable aviation fuel.

Envision Energy to develop Europe's first integrated green hydrogen industrial park – 11 September 2024

• Project Announcement: Envision Energy has announced plans to develop a green hydrogen industrial park in Spain, in collaboration with the Spanish government and industry leaders. This facility will integrate various functions related to green hydrogen production, including research, design, manufacturing, and servicing of key components.
• Production and Capacity: The initiative involves a USD 1bn investment and aims to deliver 5 GW of electrolysis capacity, contributing to Spain’s target of 11 GW by 2030. Additionally, a green hydrogen centre of excellence will be established to develop local skills and foster innovation in green hydrogen technology.

E.ON Hydrogen to build 20 MW electrolyser in Essen's city harbour – 11 September 2024 

• Project Announcement: E.ON Hydrogen plans to construct a 20 MW electrolyser in Essen’s city harbour as part of the HydroHarborEssen (HHE) project.
• Production and Capacity: The facility will start operations in 2027, producing approximately 2,300 tonnes of green hydrogen annually using renewable energy. Hydrogen will be stored in containers and distributed by truck across the region. Waste heat from the electrolyser will be used in the local district heating network. A public hydrogen refuelling station for cars and heavy-duty vehicles will be built 300 metres from the production facility.

Agreement for the development of BarMar hydrogen infrastructure – 25 June 2024

• Joint Development Agreement: Enagás, GRTgaz, and Teréga, in cooperation with OGE, signed a Joint Development Agreement (JDA) for the BarMar hydrogen infrastructure.
• BarMar Project: The BarMar project will connect Spain and France via a maritime hydrogen pipeline (Barcelona – Marseille). Enagás will contribute 50% of the shareholding, GRTgaz 33.3%, and Teréga 16.7%. 
• European Commission Recognition: H2med selected as a Project of Common Interest (PCI) by the European Commission on November 28, 2023. Recognized for contributions to sustainability, market integration, security of supply, and competitiveness.
• This highlights the collaborative efforts to develop hydrogen infrastructure across Europe, which is crucial for the green hydrogen market. By connecting hydrogen networks and establishing robust supply chains, these projects support the growth and integration of renewable hydrogen, contributing to a sustainable energy future.

Regulation

Now focusing on regulation, we review the latest key announcements surrounding government support for the hydrogen market. These updates underscore the ongoing robust backing for its growth and development.

European Commission approves €3 billion German State aid scheme to support the development of Hydrogen Core Network – 21 June 2024 

• German State Aid for Hydrogen Infrastructure: The European Commission has approved state aid for Germany to develop hydrogen infrastructure. This includes the construction of hydrogen networks and storage facilities, which are essential for scaling up hydrogen use across various sectors.
• Government support and funding for hydrogen infrastructure are critical for market development, reducing risks for private investors and accelerating project implementation.

European Commission approves €998 million Dutch State aid scheme to support renewable hydrogen – 29 July 2024

• Dutch State Aid for Renewable Hydrogen Production: The European Commission has approved a €998 million (£841m, $1081.3m) Dutch state aid scheme to support renewable hydrogen production. This scheme aims to increase the Netherlands' electrolysis capacity and support the construction of at least 200MW of electrolysis capacity.
• This initiative, which includes upfront investment grants and variable premiums, will be awarded through a competitive bidding process. It is expected to help the Netherlands achieve 500MW of electrolyser capacity by 2025 and 3 to 4GW by 2030. Such measures are crucial for scaling up hydrogen production and infrastructure, thereby supporting the growth of the hydrogen market.

Re-elected von der Leyen vows EU will ‘stay the course’ with hydrogen agenda – 18 July 2024

• Election Results: The centre-right European People’s Party politician won 401 votes. 
• Green Deal Commitment: Despite fears that the rise of right-wing parties could undermine the EU’s Green Deal agenda, von der Leyen confirmed that policymakers will push ahead with Europe’s 2030 and 2050 goals.
• Investment Focus: She emphasised that investment and pace will be the focus in her second term, with plans to speed up the Important Projects of Common European Interest (IPCEI) scheme and deploy a hydrogen pipeline network across Europe.
• This re-election and commitment to the Green Deal supports the growth of the green hydrogen market by ensuring continued investment, policy stability, and ambitious long-term goals for clean energy in Europe.

Bundesnetzagentur receives the application for the hydrogen core network – 23 July 2024

• Transmission System Operators (TSOs) have submitted their hydrogen core network application to the Bundesnetzagentur, Germany’s Federal Network Agency which regulates the electricity, gas, telecommunications, post, and railway markets to ensure fair access and pricing.
• Network Details: The future hydrogen core network will include important infrastructure, with a total line length of 9,666 km (around 60% converted lines) and expected investment costs of €19.7 billion.
• The hydrogen core network aims to expedite Germany’s hydrogen ramp-up by interconnecting hydrogen producers, storage facilities, and large consumers, and providing access points to the European hydrogen network.

Australia’s 2024 National Hydrogen Strategy – 13 September 2024 

• Strategy Release: The Australian Government has released its updated 2024 National Hydrogen Strategy, providing the framework for Australia to become a global hydrogen leader.
• Production and Export Targets: National hydrogen production target of 15 million tonnes by 2050, supported by 5 yearly milestones. 2030 export target of 0.2 million tonnes, supported by the Hydrogen Headstart program, Hydrogen Production Tax Incentive, and other initiatives.
• Strategic Objectives: The strategy outlines four objectives supported by 34 actions, targets, collaboration across governments, and associated enablers.
• Competitive Strategy: The strategy is tailored to develop the Australian industry, competing globally to be a hydrogen leader, and is part of the $22.7 billion Future Made in Australia plan.

Chile to launch US$1bn green hydrogen fund this year – 30 August 2024 

• Chile's $1 Billion Green Hydrogen Fund: Chile plans to launch a $1 billion fund to support green hydrogen projects. This fund will help finance the development of hydrogen infrastructure and production facilities, positioning Chile as a leader in the green hydrogen market. 
• Financial support from government funds reduces investment risks and encourages private sector participation, fostering market expansion.

Spanish Prime Minister announces $2.5bn in subsidies for energy and hydrogen – 18 July 2024

• Spain's €2.5 Billion Subsidies for Green Energy and Hydrogen: The Spanish Prime Minister announced €2.5 billion in new subsidies for green energy and hydrogen projects. These subsidies will support the development of renewable energy infrastructure and hydrogen production facilities.
• Government subsidies reduce financial barriers for hydrogen projects, encouraging investment and accelerating the growth of the hydrogen market.

South Korea to require use of SAF for flights from 2027 – 30 August 2024

• South Korea's SAF Requirement for Flights: Starting in 2027, South Korea will mandate the use of SAF for all flights. This regulation aims to significantly cut down the aviation sector's carbon emissions and promote sustainable fuel alternatives.
• Regulatory mandates for SAF use drive demand for hydrogen-based fuels, stimulating market growth and technological advancements.

Germany to hold $444m auction exclusively for Australian hydrogen imports – 12 September 2024 

• Special Auction Announcement: Germany will hold a special A$660m ($444m) auction exclusively for green hydrogen imports from Australia
• Funding and Cooperation: The deal involves a A$660m (€400m) H2Global funding package and aims to guarantee European buyers for Australia’s renewable hydrogen producers.
• This agreement supports the Green Hydrogen market by ensuring a stable demand for Australian green hydrogen in Europe, fostering international cooperation, and providing significant funding to develop and scale up green hydrogen production and supply chains.

US DOE invests $62 million in hydrogen projects with focus on truck refuelling – 06 September 2024

• Significant Investment: The US Department of Energy (DOE) is investing nearly $62 million in clean hydrogen technologies.
• Support for Commercial-Scale Applications: The focus is on “low-cost, standardised and replaceable” hydrogen fuelling stations for commercial-scale trucking.
• Focus on Heavy-Duty Transportation: Most of the funding is allocated to medium- and heavy-duty hydrogen truck refuelling stations, which are more competitively priced against incumbent fuels.
• Funding across Diverse Project Areas: $62 million allocated to refuelling stations, advanced components, siting challenges, community engagement, and a hydrogen fuel cell project.

UK-Chile agreement paves way for green hydrogen exports – 9 September 2024

• Financial Support: UKEF will help finance major projects in Chile using UK goods and services. The UK government has announced a £500 million investment to support green hydrogen manufacturing.
• Sector Impact: The partnership aims to increase liquidity in Chile’s renewables sector and create export opportunities for UK cleantech businesses.
• Chile’s Renewable Energy Goals: Chile aims to source 70% of its energy from renewables by 2050 and has committed $50 million to green hydrogen production.

Market

Here are high-level summaries of recent key announcements showcasing tangible hydrogen end-use cases, highlighting significant private sector progress and adoption over the past few months

Private sector throws weight behind sustainable flights – 24 July 2024

• Private Sector Support for Sustainable Flights: The private sector is increasingly investing in sustainable aviation projects, including hydrogen and sustainable aviation fuel (SAF). This support is crucial for reducing the carbon footprint of the aviation industry and meeting global climate targets.
• This highlights the growing investment from the private sector in hydrogen and SAF, which is essential for scaling up production and adoption, thereby supporting the hydrogen market's growth.

Maersk CEO calls for global regulation to incentivise green hydrogen- and bio-based shipping fuels – 30 August 2024 

• Maersk CEO's Call for Global Regulation: The CEO of Maersk has called for global regulation to incentivize the use of green hydrogen and bio-based shipping fuels. This call aims to accelerate the maritime industry's transition to cleaner fuels and reduce its environmental impact.
• Advocacy for global regulation helps create a supportive policy environment for hydrogen, which is crucial for market development and scaling up hydrogen technologies.

France's Annecy Haute-Savoie airport will offer SAF – 15 July 2024 

• SAF at France's Annecy Haute-Savoie Airport: The airport will start offering sustainable aviation fuel (SAF) to reduce carbon emissions from flights. This initiative is part of France's broader efforts to decarbonise the aviation sector and promote the use of cleaner fuels.
• Introducing SAF at airports supports the hydrogen market by creating demand for hydrogen-derived fuels, encouraging production and infrastructure development.

ZeroAvia Completes $150m Series C Financing – 12 September 2024 

• Total Financing Raised: ZeroAvia has extended its Series C financing to a total of $150 million. Includes a £20 million ($26 million) investment from the Scottish National Investment Bank
• Key Investors: New investments from American Airlines, International Airlines Group (IAG), and ITOCHU Corporation. Co-led by Airbus, Barclays Sustainable Impact Capital, and NEOM Investment Fund.
• Purpose and Impact: Funds will accelerate certification of ZeroAvia's first hydrogen-electric powertrain. Supports the sale of in-house components to other electrified aviation innovators.

Supply Chain

Lastly, we explore key summaries of recent supply chain advancements supporting the green hydrogen market. These updates showcase the steady expansion of production capacity in response to rising demand.

HH2E and Gebrüder Karstens Sign Contract for Major Green Hydrogen Production Plant in Lubmin – one of Europe’s largest – 22 August 2024

• Contract Signing: HH2E signed a contract with Gebrüder Karstens Bauunternehmung GmbH for the construction of a flagship green hydrogen plant in Lubmin, Germany. This is the first construction contract awarded for HH2E’s green hydrogen production facilities.
• Scalable Production Capacity: Each site will start at an initial capacity of 100 megawatts, scalable up to 1 gigawatt. HH2E aims to establish at least 4 gigawatts of green hydrogen production capacity in Germany by 2030. The contract is valued at approximately 45 million euros.
• Construction Timeline: Construction of the Lubmin plant will commence following project approval under the German Federal Immission Control Act (BImschG) and the FID by HH2E shareholders.
• This project supports the green hydrogen market by significantly increasing production capacity and fostering local economic development. 

Siemens Energy wins 100MW electrolyser contract for German hydrogen hub – 10 September 2024

• Green Hydrogen Production: Hamburg Green Hydrogen Hub (HGHH) commissioned Siemens Energy for a 100MW PEM electrolyser plant.
• Plant Capacity: Aims to produce around 10,000 tonnes of green hydrogen annually starting in 2027.
• Construction Timeline: Expected to begin in 2025 at Siemens Energy’s gigafactory in Berlin.
• Site Conversion: Former Moorburg coal-fired plant being dismantled for the new electrolyser and connection to the HH-WIN hydrogen distribution network.

Asahi Kasei enters collaboration with De Nora for development and sale of small-scale containerized electrolysers for hydrogen production – 11 September 2024

• Collaboration Agreement: Asahi Kasei signed a memorandum of understanding (MOU) with De Nora for the joint development, study, evaluation, and sale of small-scale pressurised alkaline water electrolysers.
• Compact Production Systems: Collaboration aims to meet demand for compact hydrogen production systems (1 to 7.5 MW) with reduced costs, installation space, and delivery time.
• Strategic Partnership: Partnership leverages De Nora’s expertise and Asahi Kasei’s customer experience, oriented business model to develop and deploy new water electrolysis systems.

Hygreen Energy Announces Expansion Plans in Europe including Electrolyser Production Factory, High Efficiency Electrolyser R&D, and Hydrogen Generation Plants in Spain – 03 September 2024

• Electrolyser Production Factory: Hygreen Energy plans to establish a new electrolyser manufacturing facility in Malaga. Initial focus on 5MW electrolysers, with production capacity up to 5GW.
• R&D Program: Launching a research and development program for high-efficiency electrolyser technologies. Includes an alkaline 10MW testing platform.
• Green Hydrogen Generation Projects: Plans to build green hydrogen production plants up to 1.12 GW in Huelva, Andalucia. Projects expected to attract over 2 billion Euros in capital and resources.
• Spain’s Green Hydrogen Leadership: Spain targets 11 GW in electrolyser capacity by 2030, with Andalusia positioned as a green hydrogen leader due to its wind and solar potential.

For more information on how we are supporting global decarbonisation efforts and helping to drive the green hydrogen market head click here.

Important information – This article is for information purposes only and should not be considered investment advice. We recommend investors seek professional advice before deciding to invest. Investors must read the relevant Prospectus, Key Information Document, Investor Guides and Offering Documents before making an investment decision. Attention should be paid to the risk factors set out in these documents and risk warnings on our website. The value of an investment, and any income from it, can fall as well as rise. 

Key Contacts:

Darron Wale | Institutional IR Lead | International Infrastructure 

Dwale@Foresightgroup.eu 

Adela Baho | Director and Conducting Officer for Risk and Valuation, International Infrastructure

Abaho@foresightgroup.eu.eu 

Diomidis Dorkofikis | Partner | International Infrastructure 

Ddorkofikis@foresightgroup.eu 

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