- ACCIONA and Nordex announced today the creation of a joint venture to develop competitively priced green hydrogen projects in areas with abundant wind resources, not connected to conventional power grids.
The new company has already secured eight such sites located in the United States, Latin America and Africa, and is evaluating new opportunities elsewhere in the world. The company will not operate in Spain and Portugal, where ACCIONA Energía has an alliance with Plug Power.
With a target renewable energy development pipeline of 50GW, the joint venture’s goal is to develop projects that will produce 0.5 million tons of green hydrogen annually within the next ten years. The aim is to reach ready-to-build stage for the first projects by 2027.
Each project, at a minimum size of 1GW of installed renewable power, will be deployed through strategic agreements with other public and private companies and institutions interested in the production or mass consumption of green hydrogen.
In this new joint venture, the ACCIONA group will have a 50% stake –equally divided between ACCIONA and ACCIONA Energía– and Nordex the remaining 50%. The transaction has been structured through the purchase of half of Nordex’s subsidiary for the development of green hydrogen projects by both ACCIONA companies for a deferred amount of €68 million, to be paid over the next four years.
The partners contribute via a unique combination of experience and knowledge required throughout the value chain for the development of the project, such as the provision of renewable technology solutions in all types of environments, the efficient management of large energy and industrial facilities, water treatment or the construction of large infrastructure projects.
ACCIONA also has extensive global experience in the execution of ports and the operation of large concessions. Both partners have in-depth knowledge of the logistical requirements for the successful development of a project of this nature.
Nordex has been working for the last year at its plant in Barasoain (Navarra) on the development of a new prototype of a pressurized alkaline electrolyzer adapted to the variable operation of renewable sources. This initiative has been recognized as an Important Project of Common European Interest (IPCEI).
The development of the electrolyzer is currently in an advanced R&D&I phase, with the aim of increasing the operational flexibility of alkaline technologies. At a later stage, Nordex will develop the modular prototype at its facilities in Navarra.
Worldwide demand for green hydrogen will grow exponentially by around 700% over the next 30 years, driven by the decarbonization of the economy, according to several studies. As a result, green hydrogen could contribute to 20% of total emission reduction needs by 2050. More than 25 countries have already established green hydrogen plans.
Author: Bryan Groenenda
