Canada-based Port of Argentia has collaborated with Torrent Capital to create a new joint venture (JV) company for improving port infrastructure and related business opportunities.

Named Argentia Capital, the new JV firm will build port infrastructure and support other port developments. It will also focus on the provision of services and equity ownership in businesses that back renewable energy, the oil and gas sectors, and aquaculture.

Over the next five years, the Port of Argentia expects to receive new investment from renewable energy firms to set up facilities for wind energy, hydrogen and ammonia, as well as staging for offshore wind farm construction projects across North America.

Other potential areas of growth include the need for subsea pipe fabrication, container service expansion, aquaculture support services and critical mineral processing facilities.

Port of Argentia chairperson Wayne Power said: “Torrent Capital is led by an accomplished team with extensive finance, legal, marketing and government relations expertise.

“The company’s experience in structuring a wide range of financial transactions makes it an ideal partner for the Port. Together, we will create long-term opportunities through the provision of high-quality infrastructure.”

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A non-share capital company, Port of Argentia owns the marine terminal and adjacent property in Argentia.

It is a heavy industrial seaport situated on the south-east portion of the Island of Newfoundland in Placentia Bay.

The port serves users and tenants in marine transportation, manufacturing, renewable energy, construction, offshore oil, mining and other sectors.

Argentia is said to be strategically located near the main shipping lanes between North America and Europe.