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Allen & Overy advises Air Liquide and TotalEnergies on the structuring and creation of the world’s largest clean hydrogen infrastructure fund

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Antoine Sarailler

Partner

Paris

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Benjamin Lacourt

Senior Associate

Paris

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Valois Guillaume
Guillaume Valois

Partner

Paris

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Walfroy Vivier

Associate

Paris

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Agnès Salfray

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Paris

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05 October 2021

Allen & Overy advises Air Liquide and TotalEnergies on the creation and structuring of the world's largest investment fund exclusively dedicated to the development of clean hydrogen infrastructure solutions. 

This initiative aims to accelerate the growth of the hydrogen ecosystem by investing in large strategic projects and benefiting from the alliance between industrial and financial players. The hydrogen infrastructure fund will invest in the entire renewable and low-carbon hydrogen value chain in the most promising regions of America, Asia and Europe. Total commitments to the fund have already reached 800 million euros out of a target of around 1.5 billion euros at signature.

The fund will be managed by Hy24, a new joint venture equally owned by Ardian, a world-leading private investment house, and FiveT Hydrogen, a clean hydrogen enabling investment platform.

With the announced support of public policies and the use of debt financing, the fund should be able to participate in the development of hydrogen projects for a total amount of approximately €15 billion. 

“Allen & Overy provided outstanding legal advice in this complicated multi-party, multi-national fund creation. Antoine Sarailler’s experience and pragmatic advice were invaluable and Benjamin Lacourt is a rising star” comments the client which was offered advice.

The Allen & Overy team consisted of Antoine Sarailler (Partner, Paris) and Benjamin Lacourt (Senior Associate, Paris) for legal aspects (assistance in the structuring of the fund, selection of the investment managers Ardian and FiveT Hydrogen as part of a tender procedure, drafting and negotiations of the documentation with the fund’s managers until the final closing) as well as Guillaume Valois (Partner, Paris) and Walfroy Vivier (Associate, Paris) for tax aspects.