Newfoundland-based Port of Argentia and Torrent Capital have set up a joint venture company, Argentia Capital Inc, which will focus on the construction of port infrastructure, and investments in upcoming renewables and oil and gas projects.
The establishment of the joint venture comes ahead of a host of new investments expected in the next five years from renewable energy companies proposing to establish facilities to produce wind energy, hydrogen, and ammonia, as well as staging for offshore wind farm construction projects throughout North America.
The port said that other areas for growth include the requirement for subsea pipe fabrication, container service expansion, aquaculture support services, and facilities for critical mineral processing.
“Our joint venture with the port will provide significant growth and value creation for shareholders, the local community and the wider region of Newfoundland and Labrador,” said Wade Dawe , President of Torrent Capital.
“ The Port of Argentia is on the verge of leading the Province of Newfoundland and Labrador in renewable energy development, as well as in the important transition to fuels with lower greenhouse gas emissions. The joint venture will strengthen our ability to build much-needed infrastructure at the port and accelerate investments across multiple supply chains. ACI will be targeting infrastructure investments which are attractive to new tenants setting up operations at the port,” said Port of Argentia’s CEO Scott Penney .
The value of the capital at JV’s disposal was not disclosed.
Argentia has formerly served as a site of a U.S.naval base and is now being redeveloped to attract a diverse group of port users and tenants. The heavy industrial seaport is located on the southeastern portion of the Island of Newfoundland, in Placentia Bay.
At the moment, the port is the host site for North America’s first and only monopile marshalling yard for US offshore wind projects, the location for Pattern Energy’s Placentia Bay Hydrogen Hub, and the construction site for the West White Rose Wellhead Platform.
The port believes that these multi-year projects have the potential to drive long-term value for ACI from multiple revenue streams.