Health worker industry super fund HESTA has signed a term sheet with ReNu Energy and Countrywide Hydrogen to commit up to $100 million for the development of green hydrogen projects.

The term sheet is a non-binding, strategic framework intended to be converted into definitive arrangements.

HESTA has more than 950,000 members (over 80 per cent are women) and manages over $68 billion in assets invested around the world.

ReNu Energy acquired Countrywide in February this year.