US renewables developer Apex Clean Energy LLC today unveiled plans for a gigawatt-scale green fuels project on the Texas Gulf Coast that would be powered by solar and wind projects it is developing in the state.
Apex, funds managed by Ares Management Corp (NYSE:ARES), EPIC Midstream Holdings LP and the Port of Corpus Christi Authority (PCCA) have signed a memorandum of understanding (MoU) to explore development of the project that would produce green hydrogen and derivative green fuels “in volumes not yet seen” in the US.
Under the non-binding MoU, the parties are looking to develop a green hydrogen production, storage, transportation and export operation. The plans include a newly-built dedicated pipeline and a green fuels hub at the Port of Corpus Christi.
The agreement builds on a 2021 MoU between Ares and PCCA for the development of renewable energy infrastructure on PCCA-owned property to support green hydrogen production.
“This project seeks to generate and deliver green hydrogen and other clean fuels precisely where they are needed most—at the industrial backbone of our nation,” commented Apex Clean Energy president and chief executive Mark Goodwin.
Pipeline operator EPIC is a portfolio company of Ares funds. In late 2021, funds and other accounts managed by Ares acquired a majority stake in Apex.
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