ACCIONA and Nordex team up to develop green hydrogen projects
The joint venture plans to develop projects that will produce 0.5 million tons of green hydrogen per year within the next ten years and has secured sites in the US, Latin America and Africa.
ACCIONA and ACCIONA Energía consolidate their leadership as benchmark operators in green hydrogen, complementing their alliance with Plug Power for the Iberian Peninsula.
Nordex has been working for a year on the development of a pressurized alkaline electrolyzer, adapted to the variable operation of renewable sources.
ACCIONA and Nordex announced 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 a 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.
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.