Nova Clean Energy Completes Acquisition of 1 Gigawatt Wind and Solar Development Portfolio from BNB Renewables

Nova Clean Energy has acquired HyFuels, comprising a portfolio of over 1 gigawatt in mid-to-late-stage wind and solar development projects, along with an early-stage green ammonia project. Positioned in Texas Gulf Coast, HyFuels is strategically located to support the petrochemical sector, reaffirming Texas’s position as a frontrunner in this industry.

HyFuels, spanning approximately 25,000 acres, boasts an equal distribution of wind and solar power sources, ensuring a consistent and reliable stream of local clean energy. Anticipated to commence Full Notice to Proceed (NTP) in 2025, with Commercial Operations expected by 2026, the project’s initial phase is poised for significant progress.

Nova’s acquisition of HyFuels from BNB Renewable Energy (‘BNB’) underscores the project’s robust foundation. With BNB’s extensive 20-year expertise in wind and solar development across the U.S. and Mexico, including projects for diverse industrial clients, Nova solidifies its commitment to sustainable energy. A long-term development services agreement with BNB ensures seamless collaboration, established since the project’s inception in late 2020, towards the successful realization of HyFuels.

In collaboration since mid-2023, Nova and BNB have diligently advanced the HyFuels initiative, completing essential environmental surveys, streamlining grid connection schedules, and initiating procurement of critical long lead-time equipment.

Ben Pratt, President of Nova Clean Energy, said, “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.”

Jos Nicholas, CEO of BNB, added, “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.”