Commitment from offtakers catalyses investment Securing large-scale offtake contracts from first movers provides revenue certainty, strengthening lender and investor confidence and anchoring demand for asset owners. In the case of the Chifeng Net Zero Industrial Park, a long-term offtake agreement for green ammonia with Marubeni Corporation has allowed Envision to commit to building a commercial green ammonia plant (see Chapter 3.3). Similarly, TotalEnergies’ commitment to the ELYgator electrolyser project at the Port of Rotterdam ensures guaranteed demand for the clean hydrogen being developed (see Chapter 3.2). In clusters located on greenfield sites, where there is no existing infrastructure (particularly in emerging markets), it is important to ensure this broader value chain is developed by, for example, investing in smaller suppliers and skills development.The presence of a cluster, however, does not automatically confer “financeability”. Four key considerations determine whether projects within a cluster clear investment barriers: –Coordination and integration drive value, but fragmented ownership raises complexity: the role of the cluster administrator is vital. –Infrastructure projects may provide the anchor for low-carbon development, but it is the commitment of first movers and offtakers that catalyse investment. –Government support is essential, but there is no one-size-fits-all approach. Public sector de-risking should be leveraged in ways that maximize efficiency and cover risks that cannot be covered any other way. –The “halo” effect created by a cluster can reduce overall risk, but each project needs to clear investment hurdles independently. Fragmented ownership raises complexity: cluster administrators play a vital role2.3 Four considerations determine project investability The coordination benefit of clusters – aggregating demand and sharing assets – creates financial efficiencies but requires careful management of the complexity that can arise from multiple owners and stakeholders. The role of the cluster administrator is vital, if the financing benefit of clusters is to be fully realized. A cluster administrator is typically a single project developer or public entity (such as a port authority) with the resources, authority and incentive to ensure project alignment and manage the shared interests of relevant parties. They are often pivotal for ensuring effective governance, project delivery and successful collaboration among stakeholders. Aligning diverse interests becomes more challenging as regulations, markets and technologies evolve, increasing the need for strong governance and skilled stakeholder management. This is especially true where several privately owned organizations are involved in the cluster compared with publicly owned entities that often have more flexibility on return expectations and risk appetite. Active public sector involvement is often pivotal for FOAK projects. Financiers require confidence in regulatory stability and broader societal support to reduce the risk of disruptions. However, this support manifests itself in different ways: –In the Netherlands, state-owned organizations anchored early infrastructure investment in Porthos – the first Dutch carbon capture and storage (CCS) project to reach FID. They accepted lower investment returns and managed regulatory and permitting risks to enable private organizations to focus their capital on developing carbon capture projects. Government support is essential, but there is no one-size-fits-all approach From Blueprint to Reality: A Stronger Business Case for Shared Energy Infrastructure 16

From Blueprint to Reality 2026