Port of Argentia Inc. (Port of Argentia) and Torrent Capital Ltd., TSX:TORR, (Torrent Capital) announced the establishment of a joint venture company, Argentia Capital Inc. (ACI), according to the company's release.
The new joint venture company will be focused on the construction of port infrastructure, the provision of services and equity ownership in businesses that support aquaculture, renewable energy, and oil and gas sectors, as well as other port developments.
Over the next five years, the Port is expected to host new investment 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. Other promising areas for growth include the requirement for subsea pipe fabrication, container service expansion, aquaculture support services and facilities for critical mineral processing.
The Port of Argentia 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. These multi-year projects have the potential to drive long-term value for ACI from multiple revenue streams.
Port of Argentia Inc. (operating as Port of Argentia) is a non share capital company and owner of the marine terminal and adjacent property at Argentia. Argentia is a heavy industrial seaport located on the southeastern portion of the Island of Newfoundland, in Placentia Bay.
Torrent Capital Ltd. is a publicly traded investment issuer that invests in the securities of private and publicly traded companies.