Oppenhoff advises AustriaEnergy on extension of Joint Venture for large-scale Power-to-X “HNH Energy” for green hydrogen and green ammonia in Chile

Oppenhoff has advised the AustriaEnergy Group on the expansion and structuring in two phases of the Joint Venture for HNH Energy in Chile, one of the world's largest Power-to-X projects for the production of green hydrogen and green ammonia with a potential aggregate capacity of 5GW of wind. HNH Energy is jointly owned and developed by Copenhagen Infrastructure Partners (CIP) and AustriaEnergy Group together with Ökowind. Thanks to its location in the region of Magallanes HNH Energy benefits from the world’s best wind resources with average wind speeds above 10 m/s and net capacity factors above 50%.

As part of the expansion, enough land has been secured so that, HNH Energy, once built and fully operational, will be one of the largest Power-to-X projects both in Chile and worldwide with an estimated green hydrogen output of 255,000 tons per year, to be converted into 1,400,000 tons of green ammonia.

The expansion comes after Oppenhoff had already advised on the complex structuring of the AustriaEnergy Group's joint venture with Ökowind and CIP.

The first phase of HNH Energy (1.3GW of wind) is expected to be presented to the environmental authorities for approval, within the first half of 2024. Since its inception, HNH Energy is developed using the highest environmental standards, including the installation of state-of-the-art bird monitoring radars, pioneering in Chile. The second phase extension of HNH Energy will increase the project’s competitiveness thanks to economies of scale, improving the final cost of green ammonia.

The AustriaEnergy Group, founded in 2006 and based in Vienna, Austria, develops photovoltaic and wind power projects in Chile and elsewhere. With a total capacity of 1,000 MW developed to date, AustriaEnergy is one of the pioneers in this field.

Ökowind was founded in 2003 and has since made a name for itself in the Austrian wind energy sector.

CIP, based in Copenhagen, Denmark, is one of the world's largest specialised fund managers for sustainable investments in the development of renewable energy infrastructure.

The Oppenhoff team was led by Edder Cifuentes and included Alf Baars (both Corporate/M&A, Energy and Infrastructure, Latin America Desk; the first also Chilean law) and Dr. Wolfgang Kotzur (Financing). AustriaEnergy was advised on matters concerning Chilean real estate law by Bertrand-Galindo Barrueto Barroilhet as well as by Barros & Errázuriz and Mena & Guijón (all Santiago), on matters concerning Danish law by Gorrissen Federspiel (Aarhus) and on matters of Luxembourg law by Loyens Loeff (Luxembourg).

With phase two of the HNH Energy project, Oppenhoff's Latin America Desk and its Energy and Infrastructure practice areas are further deepening its successful advisory services for major projects in the Power-to-X and renewable energy sector. The Latin America Desk regularly advises companies from Germany and Austria on their business activities and investment projects in Chile and Latin America.

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Edder Cifuentes<br/>M.L.B.

Edder Cifuentes

PartnerAbogado (Chile)

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