Chicago-based Nova Clean Energy has acquired HyFuels, a portfolio of wind and solar development projects as well as an early stage green ammonia project.
Nova Clean Energy has acquired 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 center for American-produced ammonia, HyFuels is ideally situated to serve the petrochemical industry, ensuring Texas remains the global leader in this essential industry, according to a press release.
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.
The parties did not use financial or legal advisors for the sale given their pre-existing relationship, a spokesperson for Bluestar Energy Capital, the backer of Nova, said in an email.
“Once the projects are built, they represent over $1.5 billion in CAPEX for the wind and solar sections alone,” the spokesperson added, noting that Bluestar provided financing for the acquisition. He declined to comment further.
HyFuels previously outlined its projects in filings with the Texas comptroller. The Big Spring project would be located eight miles west of Big Spring, Texas, along Interstate 20. Once operating, it would produce an estimated 400,000 tons of carbon-free hydrogen each year (about 1,100 tons per day), the company had said.
Meanwhile, its Green Lake project was described similarly in filings.
Nova acquired HyFuels from BNB Renewable Energy, 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.
Commenting on the announcement, 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.”
Commenting on the announcement, Jos Nicholas, CEO of BNB, said, “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.”
Since its formation in 2022, Nova has grown rapidly across wind, solar and battery storage. Nova’s project pipeline is positioned to benefit from 3 core themes: expansion and strengthening of transmission networks, new end-customer demand in areas like mobility, green fuels and AI, as well as growing build-transfer opportunities driven by increased utility ownership. With a project pipeline that now exceeds 5 GW of projects in 8 states and multiple power markets (including WECC, MISO & ERCOT), and with marked acceleration in each of its core development themes, Nova is positioned for rapid future growth.
