ESG Today writes that in the first phase of the projects, InterContinental aims to deliver 10GW of renewable energy before the next decade with an overall target of 100GW.

Experts believe that green hydrogen market could reach a production of anywhere from 450 to 680 million tons of green fuel per year by mid-century, of which InterContinental aims to cover 5 million tons. This could allow the company to offset the release of 50 million tons of CO2 per year.

Pierre-Etienne Franc, Chief Executive Officer of Hy24, one of the investors, said that "we launched Hy24 to catalyze the development of the hydrogen industry at scale, by investing in hydrogen leaders and entrepreneurs. In the long-term, InterContinental Energy represents this vision and has the most advanced execution plans for large, competitive renewable power basins."

Alex Tancock, Chief Executive Officer and Chairman of the Board for InterContinental Energy, added that "Hy24, as a new strategic investor, brings unrivalled industrial and financial knowledge in the hydrogen space as well as its critical network of key players across the value chain, to help unlock new opportunities for InterContinental Energy and all our stakeholders."