CIP will develop the Helax Istmo project in Mexico through its Growth Markets Funds II and Energy Transition Fund I.
To this end, CIP signed a memorandum of understanding (MoU) with the Interoceanic Corridor of the Isthmus of Tehuantepec (CIIT) and Mexico’s national Ministry of Navy, the Secretaría de Marina (Semar), on December 22, 2023.
Under the MoU, the parties will collaborate to support the development of the large-scale, integrated renewable energy project in Oaxaca which aims to produce green hydrogen and green maritime fuels, contributing materially to Mexico’s sustainable development goals, as well as to the decarbonization of the shipping industry globally.
CIP noted that the MoU acknowledges that Helax will undergo formal indigenous and social consultations under Mexican law. The consultations are expected to take place in early 2024.
Ole Kjems Sørensen, partner at CIP and co-head of Growth Markets Funds, said: “This MoU showcases our long-term commitment to Mexico through the development of a pioneering project that offers green maritime fuels at scale — a first for the region. We would like to thank the Mexican authorities for their continued interest and support, and we look forward to continuing to engage constructively with national and local stakeholders and further develop Helax.”
Philip Cristiani, partner at CIP and co-head of Energy Transition Fund, commented: “Our Energy Transition Fund is the largest dedicated clean hydrogen fund globally and we are proud to take this promising step forward for Helax together with the Mexican authorities. When fully operational, Helax is ideally placed to cater to the growing demand for green shipping fuels and make a significant contribution to the decarbonization of the global shipping industry.”
CIP is also collaborating with Taiwanese container shipping major Evergreen on hydrogen-based marine fuels under the MoU signed in October this year. This cooperation will have several aspects, including the production of e-fuels in Taiwan based on offshore wind as well as the exploration of a broader supply of green fuels such as e-ammonia and e-methanol.
