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Dubai: Hydrogen Energy, the joint venture between British Petroleum and Rio Tinto, will require a total capital investment of around $2 billion for its ambitious industrial-scale hydrogen-fired power generation project in Abu Dhabi.
The assessment was made by Herbert Smith after the firm took upon the advisory role for Hydrogen Energy. Hydrogen Energy has entered into a deal with the Abu Dhabi-based Mubadala Development Company to start the detailed engineering design of the project.
The project aims for commercial operation by 2012. The project's hydrogen fuel would be created from natural gas to produce clean electricity.
Rather than being emitted to the atmosphere, the associated carbon dioxide would be captured and stored in geological formations, a process known as carbon capture and storage, where it could also be used for enhanced oil recovery.
It forms part of Masdar, Abu Dhabi's initiative to promote sustainable energy in the region.
The initiative is a multi-faceted, multi-billion dollar investment in renewable and alternative energy and clean technology. This will help to explore, develop and commercialise such future energy sources.
The Herbert Smith team was led by senior associates Simon Tysoe and Jacqueline Knox, overseen by partners Andrew Newbery and John Geraghty, with support from its office in Dubai.
Mubadala was advised by Allen & Overy.
Herbert Smith LLP is an international legal firm with 1100 lawyers (including over 200 partners) and a network of offices in Europe, Middle East and Asia.
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