French Meridiam invests in Green North Energy in Naantali
Green North Energy, a Finnish green energy project development company, is receiving the support of Meridiam, an independent French Benefit Corporation specialized in the development, investment and asset management of sustainable infrastructure over the long term. Meridiam support will enable the final stages of development of the company’s first green hydrogen and ammonia plant, which is set to begin operations in Naantali, Finland.
Green North Energy, established by the Finnish consulting and engineering company Elomatic, is currently developing its first green ammonia plant in Naantali. Meridiam support will accelerate the project implementation, leveraging its extensive experience in sustainable infrastructure development. The purpose of Naantali project is to produce ammonia in a carbon-neutral way, which is critical to the decarbonization of various sectors, including agriculture.
Green ammonia provides raw material particularly for agricultural needs, and its production can reduce Finland’s and Europe’s dependence on ammonia imports from other countries such as Russia, while decarbonizing the agriculture sector. Additionally, green ammonia has emerging potential as low-carbon fuel option for maritime transport, contributing to reduced carbon dioxide emissions. Specifically, emissions can be reduced by approximately 330,000 tons per year. This reduction is equivalent to the annual emissions of about 165,000 passenger cars.
“Meridiam is an excellent partner for us, as both companies prioritize responsibility in their core values. Finland’s hydrogen economy needs the first projects to succeed to pave the way for the entire sector. As a large-scale project, we are at the forefront of shaping this future,” says Patrik Rautaheimo, Chairman of the Board of Green North Energy.
Meridiam has already established a strong presence in Finland and continues to expand its commitment to sustainable infrastructure with its investment in Green North Energy. “We bring extensive experience from similar green energy projects in our portfolio and are committed to promoting advance sustainable solutions, and Elomatic, as an experienced player, is a great partner for us in implementing green ammonia plants. Finland offers excellent conditions for profitable and sustainable business, particularly through its effective green electricity markets,” says Matthieu Muzumdar, Deputy CEO of Meridiam.
Naantali is an ideal location for green ammonia production, thanks to its excellent logistics and transport infrastructure. Additionally, the district heating network in the Turku region enables the use of heat generated in the process. Ammonia is a critical issue for security of supply across Europe, and Green North Energy is well-positioned to meet this need.
