Stephen Craen

Visiting Research Fellow

Stephen Craen joined OIES in 2022 and specialises in financing of energy projects and hydrogen.  He also works as an independent consultant.   His areas of expertise include: project development, structuring and financing.

After seven years working as an engineer in the oil industry, Stephen moved into energy finance and spent over 30 years with Chase Manhattan Bank and Societe Generale focussing on advising most of the super-majors and NOCs on some of the largest international gas pipeline and LNG projects.   Latterly, in Australia, Stephen contributed to Societe Generale’s hydrogen strategy and spent a year at a solar developer, commercialising grid scale hydrogen storage technology.

Stephen holds an BA in Physics from the University of Oxford.

Contact

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Lenders will look at precedents and, while ostensibly green ammonia has much in common with LNG, economically the better analogue is offshore wind given the requirement for government support, the expectation that future projects will offer a lower levelized cost of hydrogen (LCOH) and that contract prices are more likely to be fixed than indexed to fossil fuels.  The key features the project will need to demonstrate to attract capital are: (i) robust and durable legislation behind the importing government’s support, preferably backed up by an investment treaty; (ii) a highly creditworthy buyer and (iii) an offtake/sales and purchase agreement (SPA) that does not expose lenders or investors to market volume or price risk. Lenders and investors are incentivised to invest in green hydrogen projects and, to the extent that the project can demonstrate the key features above, there should be a strong appetite for the debt and equity (absent disruption in the financial markets).
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Latest Publications by Stephen Craen