Press Release

H-Energy committed FSRU contract to Höegh

December 2, 2020

Mumbai / 2ndDecember 2020

H-Energy through its wholly owned subsidiary Western Concessions Private Limited (“H-Energy”), is pleased to announce that it has entered into a binding commitment with Höegh LNG Holdings Ltd. for the supply of its Floating Storage and regasification Unit (“FSRU”) Höegh Giant under a 10-year agreement, for deployment at its LNG regasification terminal project located at Jaigarh Port in Ratnagiri district of Maharashtra, India.

The 2017 built Höegh Giant has a storage capacity of 170,000 m3 and has a peak regasification capacity of 750 mmscfd (approximately 6.0 MMTPA). The FSRU will deliver regasified LNG to the 56 km Jaigarh-Dabhol pipeline connecting to the National Gas grid and will also deliver LNG onshore for LNG truck loading facilities. The FSRU is also capable of reloading LNG onto other LNG vessel’s for providing bunkering services.

Upon the delivery of the FSRU H-Energy will commission itsJaigarh LNG regasification terminal project in March 2021. This LNG terminal will become India’s firstFSRU based LNG regasification terminal.

H-Energy’s Jaigarh LNG terminal is alsoconstructing truck loading facilities to deliver LNG through trucks to its customers. H-Energy further plans to develop L-CNG stations across India to enhance the utilisation of LNG and CNG as transportation fuel, contributing to the environment in line with the policy of the Government of India.

Announcing the agreement and the commission date for the Jaigarh project the Chief Executive Officer of H-Energy, Mr. DarshanHiranandani stated “We are very happy to have partnered with an experienced player like Höegh, this will enable the Jaigarh project to start delivering first gas by March 2021. The Government of India and the Petroleum and Natural Gas Regulatory Boardhave taken several positive steps recently including unified tariff and city gas distribution open access which will result in a multi-fold increase in the utilization of natural gas in India. We are confident that H-Energy will establish its presence as an efficient, economic and customer focussed LNG value chain player in India.”