Nova Clean Energy acquires 1 GW wind and solar portfolio
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
Nova Clean Energy has announced the acquisition of HyFuels, a more than 1 GW portfolio of mid-to-late-stage wind and solar development projects as well as an earlier stage green ammonia project. Located on the Texas Gulf Coast, an area of rapidly increasing power demand and a leading centre for American-produced ammonia, HyFuels is ideally situated to serve the petrochemical industry, ensuring Texas remains the global leader in this essential industry.
HyFuels, which has a current project footprint of about 25 000 acres, has a power supply that is split evenly between wind and solar, whose complementary generation profiles will ensure a steady supply of clean local power. The first phase of the project is expected to reach Full Notice to Proceed (NTP) in 2025 and Commercial Operations in 2026.
Nova acquired HyFuels from BNB Renewable Energy (BNB), a developer with a nearly 20-year track record of developing wind and solar projects across the United States and in Mexico, including for a range of industrial clients. Nova has entered into a long-term development services agreement with BNB, which originated the development in late 2020, ensuring full alignment on the successful delivery of the HyFuels project.
Since initially partnering in mid-2023, Nova and BNB have worked to advance the HyFuels complex, including completing necessary environmental surveys, securing a workable schedule for connection to the power grid, and ordering long lead-time equipment.
“The Texas grid is going to continue to need a variety of power sources to serve its fast-growing demand. Wind paired with solar provides a generation profile that industrial as well as utility customers increasingly want to see. We are excited to work with BNB on this important portfolio,” commented Ben Pratt, President of Nova Clean Energy.
“This is an exciting project, and we’re pleased to have partnered with the Nova Clean Energy team to bring it to market. A lot of important stakeholders have come together to help us get to this point, and we want to thank the landowners, community members and local officials, including the county commissioners, the ISD, and the VEDC, for their ongoing support. Together, we and Nova look forward to working with and learning from this community in Calhoun and Victoria counties in order to bring low-cost electricity and green ammonia to this amazingly productive part of Texas and our nation’s economy,” said Jos Nicholas, CEO of BNB.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Spring 2024 issue
The Spring 2024 issue of Energy Global starts with a guest comment from Field on how battery storage sites can serve as a viable solution to curtailed energy, before moving on to a regional report from Théodore Reed-Martin, Editorial Assistant, Energy Global, looking at the state of renewables in Europe. This issue also hosts an array of technical articles on electrical infrastructure, turbine and blade monitoring, battery storage technology, coatings, and more.
Read the article online at: https://www.energyglobal.com/wind/17042024/nova-clean-energy-acquires-1-gw-wind-and-solar-portfolio/
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