The Extraordinary General Meeting of Shareholders (EGMS) of the National Gas Transmission Company Transgaz approved the conclusion of a legal consulting agreement in order to analyse and negotiate the legal, financial and commercial conditions for association with the Three Seas Initiative Investment Fund (3SIIF), as well as joining the European Hydrogen Backbone.
Transgaz shareholders approved, in the EGMS held on January 25, the conclusion of a legal consulting agreement in order to analyse and negotiate the legal, financial and commercial conditions for association with the Three Seas Initiative Investment Fund in order to attract funding worth a total of up to EUR 626mln for the development of transmission infrastructure projects for natural gas mixed with hydrogen. The estimated value of the legal consulting agreement is EUR 150,000.
Also, on the same occasion, Transgaz accession to the European Hydrogen Backbone (EHB) group and empowerment of General Manager Ion Sterian to sign the accession documents were approved.
About the Three Seas Initiative Investment Fund
The Three Seas Initiative Investment Fund is an investment vehicle to finance key infrastructure projects in the Three Seas region.
The main objective of the Three Seas Fund is to invest in transport, energy, and digital infrastructure on the north-south axis in the Three Seas countries and to offset the differences in the development of individual regions of the European Union.
Its role is to complement and strengthen the capital deployment of individual Three Seas countries and European Union financial instruments. The fund is a commercial and market driven initiative that will grant a diversified investment and an attractive return to the investors.
The constitutive act of the Three Seas Fund was signed by the presidents of development banks from Poland (Bank Gospodarstwa Krajowego) and Romania (Exim Bank). As an international venture, the Three Seas Fund was created under Luxembourg law, which is a renowned fund domicile for international investors.
The Three Seas Initiative was established by the presidents of Poland and Croatia in cooperation with the presidents of the other 10 countries of the region. A region that faces the difficult task of closing the huge infrastructure gap vis-a-vis Western European countries. Effective implementation of this task is a great challenge for governments and public finances of the countries of our region.
About the European Hydrogen Backbone
The European Hydrogen Backbone initiative consists of a growing group of now 23 European gas infrastructure companies, working together to plan a pan-European dedicated hydrogen transport infrastructure. Participating companies are Creos, DESFA, Elering, Enagás, Energinet, Eustream, FGSZ, Fluxys, Gas Connect Austria, Gasgrid Finland, Gasunie, GAZ-SYSTEM, Gas Networks Ireland, GRTgaz, National Grid, NET4GAS, OGE, ONTRAS, Plinovodi, TAG, Teréga, Snam, Swedegas.