Transgaz will join the European hydrogen backbone
The Extraordinary General Meeting of Shareholders (EGMS) of Société Nationale de Transport de Gaz Transgaz approved the conclusion of a legal advisory agreement with a view to analyzing and negotiating the legal, financial and commercial conditions of the association with the Three Seas Initiative Investment Fund (3SIIF), as well as membership of the European hydrogen backbone.
Transgaz shareholders approved, during the EGMS on January 25, the conclusion of a legal advisory agreement to analyze and negotiate the legal, financial and commercial conditions of an association with the Fonds d’Investissement Initiative of the Three Seas in order to attract financing for a total amount of up to 626 million euros for the development of transport infrastructure projects for natural gas mixed with hydrogen. The estimated value of the legal consultancy contract is EUR 150,000.
At the same time, Transgaz’s membership in the European Hydrogen Backbone (EHB) group and the authorization of the managing director Ion Sterian to sign the membership documents were approved.
About the Three Seas Initiative Investment Fund
The Three Seas Initiative Investment Fund is an investment vehicle to finance key infrastructure projects in the Three Seas region.
The main objective of the Three Seas Fund is to invest in transport, energy and digital infrastructure on the north-south axis in the countries of the Three Seas and to compensate for the differences in development of the different regions of the European Union.
Its role is to complement and strengthen the deployment of capital from the various Three Seas countries and from the financial instruments of the European Union. The fund is a commercial and market-driven initiative that will provide diversified investment and an attractive return to investors.
The founding act of the Three Seas Fund was signed by the presidents of the development banks of Poland (Bank Gospodarstwa Krajowego) and Romania (Exim Bank). As an international company, the Three Seas Fund was established under Luxembourg law, which is a renowned fund domicile for international investors.
The Three Seas Initiative was set up by the presidents of Poland and Croatia in cooperation with the presidents of the other 10 countries in the region. A region that faces the difficult task of bridging the huge infrastructure gap vis-à-vis Western European countries. The effective implementation of this task is a great challenge for the governments and public finances of the countries of our region.
About the European Hydrogen Backbone
The European Hydrogen Backbone initiative consists of a growing group of now 23 European gas infrastructure companies, working together to plan a pan-European infrastructure dedicated to the transport of hydrogen. Participating companies are Creos, DESFA, Elering, Enagás, Energinet, Eustream, FGSZ, Fluxys, Gas Connect Austria, Gasgrid Finland, Gasunie, GAZ-SYSTEM, Gas Networks Ireland, GRTgaz, National Grid, NET4GAS, OGE, ONTRAS, Plinovodi, TAG, Teréga, Snam, Swedegas.