GasHubUnited Utility, a subsidiary of SGX-listed H2G Green has signed two separate MOUs related to power generating projects in the Philippines that will have a capacity of at least 332 megawatts.
The first MOU was with Primelectric Holdings and involves the conversion and upgrading of a diesel-fueled 24MW power barge to a natural gas-fueled power barge with an increased capacity of 32MW.
GasHub and Primelectric will complete a feasibility study for the project and proceed with the finalisation and execution of a binding agreement within three months from the date of this MOU, which was dated July 10.
The second MOU was with MabuhayPower Holdings Corporation, which is developing a LNG power plant of 300MW generation capacity.
Under the proposed transaction, GasHub will provide technical and industry expertise and also an LNG floating storage unit and an onshore facility for regasification and cold energy recovery, which will then be used to run a cold storage facility and a data centre.
According to H2Green, these MOUs mark its expansion overseas for its growing energy business.
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“These projects demonstrate the execution of our strategy to expand possibilities and tap the enormous local and regional potential to meet accelerating demand for clean energy," says Bentinck Ng, CEO of GasHub.
"Leveraging on our strong track record in engineering, customer service and safety, we aim to expand our regional footprint over the next 12 months," he adds.
"These projects not only pave the way for future collaboration and partnerships in the Philippines for our LNG business, but will also be synergistic for our larger group as they will provide the necessary networks for the growth of our green hydrogen business in the future,” says H2 Green CEO Pek Hak Bin.
H2G Green shares as at 10.04 am, gained 12.5% to trade at 0.9 cents, and is the second most actively traded counter.
