Nordex has formed a JV with Acciona to develop green hydrogen projects.
Nordex H2 S.L will develop green hydrogen projects in areas with abundant onshore wind resources.
These resources are located in areas that are not connected to conventional power grids, and where green hydrogen can also be produced at a competitive cost.
Bolstered by the company’s previous project development expertise in wind, the Nordex Group has built a pipeline of green hydrogen projects throughout the United States and Latin America.
Acciona has bought a 50% stake in this new Nordex Group venture for €68m – equally shared between Acciona S.A. and AccionaEnergía – to fund the further development and expansion of the business.
With a target renewable energy development pipeline of 50GW, the JV’s goal is to develop projects that will produce 0.5 million tonnes of green hydrogen annually within the next ten years.
The first projects would be ready-to-build by 2027.
Each of the projects, whose minimum size will be 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.
“We are very happy to now accelerate these achievements together with Acciona, a strong partner with extensive expertise in large infrastructure projects,” says José Luis Blanco, chief executive of the Nordex Group.
“This joint venture reinforces our shared commitment to a decisive contribution towards the decarbonization of the world’s economy.”
In addition, Nordex has formed a JV with Sodena to develop electrolyzers for green hydrogen production.
Both the Nordex and Sodena, a public company of the Government of Navarra, will allocate €15m to this initiative over the next five years to promote the development of a commercial prototype and its first industrial deployment.
Experts expect demand for electrolyzers to grow from a very marginal capacity base today to 400GW by 2030.