June 10, 2022

Willkie advised Haddington Ventures on the creation of the $650 million equity syndication program for the landmark renewable energy project.

On June 9, Willkie client Haddington Ventures, LLC announced the formation of Haddington ESP I, LP to provide construction equity for projects developed by the Advanced Clean Energy Storage Joint Venture (ACES Delta, LLC), which will be the largest green hydrogen platform in the world upon completion.

The investors in Haddington ESP are Alberta Investment Management Corporation, GIC, Manulife Financial Corporation and Ontario Teachers’ Pension Plan Board. In addition to the investors’ initial $650 million equity commitment, they have additional rights to increase their collective investment to $1.5 billion. With this equity funding, construction can begin in June 2022, and hydrogen hub operations are scheduled to commence in 2025.

ACES Delta, a joint venture between Mitsubishi Power Americas and Magnum Development, a portfolio company of Haddington Ventures, is developing the green hydrogen storage hub near Delta, Utah. The initial funding from Haddington ESP will finance a project to use renewable energy resources to power electrolyzers that will split water into hydrogen and oxygen. The resulting zero-carbon green hydrogen will be stored in salt-dome storage caverns and made available on demand to the Intermountain Power Agency, which intends to utilize the hydrogen in its combined-cycle natural gas plant to generate electricity.

Private equity fund Haddington Ventures oversees a growing portfolio of successful conventional and renewable energy businesses that are bringing innovative new infrastructure to the U.S. energy sector.

The Willkie team was led by partner Archie Fallon and included associates Joe Laurel and Sidney Nunez.