Carlton Power, Schroders to co-develop 500 MW UK green hydrogen projects

Carlton Power has partnered with Schroders Greencoat to launch a new joint venture platform called Green Hydrogen Energy Company (GHECO) to advance the construction and operation of a series of green hydrogen projects throughout the UK with a total capacity of 500 MW by 2030. The joint venture received initial funding commitment of GBP200 million (US$248.5 million) from funds managed by Schroders Greencoat, the clean energy investment arm of asset management giant, Greencoat Capital. Carlton Power will manage the development, construction, and operation of current and future green hydrogen projects with Schroders Greencoat handling the financing of the projects.

GHECO is expected to contribute to the UK's target to deliver 10 GW of low-carbon hydrogen capacity by 2030, cementing the country's leadership position in hydrogen production.

The first projects in the venture’s portfolio will be a series of green hydrogen developments in Trafford (Greater Manchester), Barrow-in-Furness (Cumbria), and Langage (Devon). Carlton Power is currently securing final agreements along with DESNZ for these three projects. The green hydrogen facilities are due to launch commercially by 2025, with HAR2 projects set to begin operation the following year.