In the single developer-led financing approach, momentum is derived from a single organization with the scale, expertise and resources to drive delivery of infrastructure. From a financing perspective, this means the organization is using its balance sheet to finance a large proportion of the project, creating fewer interconnections between governments, multilateral development banks and other de-risking bodies, as seen in the above financing blueprints. Examples of this approach can be seen in: –China: Chifeng Net Zero Industrial Park. Developed against the backdrop of a strong national push by China’s National Development and Reform Commission (NDRC) to establish industrial parks, Envision Group is financing a multi-GW renewable and green hydrogen production plant that integrates wind, solar and ammonia at scale. The first phase of the plant is already operational, with around $5.5 billion in investment expected across the three phases. Despite relatively limited domestic financial incentives, industry has moved ahead: a single commercial anchor, in the form of a green ammonia offtake agreement with Marubeni Corporation – made possible by favourable Japanese hydrogen policies – has accelerated deployment.40 –Colombia: Cartagena Industrial Cluster. In 2022, Promigas and Ecopetrol launched pilot projects for solar-powered electrolysers at their Cartagena facilities in Colombia.41 Ecopetrol has since announced that it will invest $28.5 million to build a green hydrogen plant at its refinery in Cartagena with capacity to produce 800 tonnes of green hydrogen per year.42 Furthermore, Frontera Energy, working through its subsidiary Puerto Bahia, is developing a $50-60 million LPG facility in the Bay of Cartagena. The aim is to develop and operate a port terminal capable of importing and storing over 20,000 tonnes of LPG.43 –Saudi Arabia: Jubail Industrial City CCUS Hub. In Saudi Arabia, Aramco has been central in orchestrating investments in the CCUS Hub. The company’s balance sheet strength, together with sovereign support, allows Aramco to commit $1.5 billion to the project, partnering with Linde and SLB to deliver the infrastructure.44 Aramco is also acting as the anchor CO2 supplier, with 6 Mt of the 9 Mt/year capacity dedicated to capture from Aramco gas plant facilities and the remaining 3 Mt from neighbouring emitters. –Japan: Kawasaki Carbon Neutral Industrial Complex. In Japan, private organizations such as Iwatani, Kawasaki Heavy Industries and Taiheiyo Cement are leveraging their own balance sheets to finance hydrogen and CCS-related projects in the Kawasaki coastal area. Kawasaki City’s role focuses on non-capital support, convening companies through dedicated councils, streamlining approvals and environmental compliance, and working to secure national subsidies and enable shared infrastructure rather than directly funding the projects.3.3 Single developer-led financing From Blueprint to Reality: A Stronger Business Case for Shared Energy Infrastructure 34

From Blueprint to Reality 2026