Nova Clean Energy, a US-based renewables developer, has acquired a 1GW wind and solar development portfolio from BNB Renewable Energy.
The portfolio, known as HyFuels, also includes an early-stage green ammonia project and is located on the Texas Gulf Coast.
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Financial specifics related to the project have not been disclosed. The HyFuels project, with its strategic location, will boost the petrochemical sector in the state.
Spanning 25,000 acres, HyFuels is equally divided between wind and solar power and will provide a consistent stream of clean energy to the local grid.
The project’s first phase will commence operations by 2026, following the expected Full Notice to Proceed in 2025.
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The acquisition from BNB Renewable Energy, a company with a two-decade history in the renewable sector in the US and Mexico, includes a long-term development services agreement.
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By GlobalDataThis ensures that BNB, which initiated the HyFuels project in late 2020, remains involved in its successful completion.
Collaboration between Nova and BNB began in mid-2023 and focused on advancing the HyFuels project.
The two companies have conducted environmental surveys, established a feasible grid connection timeline and procured equipment with extensive lead times.
Nova Clean Energy president Ben Pratt stated: “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.”
BNB CEO Jos Nicholas stated: “This is an exciting project, and we are 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 [Victoria Economic Development Corporation], for their ongoing support.
“Together, we and Nova look forward to working with and learning from this community in Calhoun and Victoria counties to bring low-cost electricity and green ammonia to this amazingly productive part of Texas and our nation’s economy.”
Nova Clean Energy, a renewables development platform of Bluestar Energy Capital, has rapidly expanded since its inception in 2022. The company’s project pipeline now has 5GW of renewable energy projects across eight states and a range of power markets in the US.
