Powered by Gigawatts of Texas Wind and Solar, Contemplated
Project Would Produce Green Fuels at Scale to Accelerate
Decarbonization of Heavy Industry, Agriculture, and Global
Transport
Apex Clean Energy, LLC (“Apex”), funds managed by the
Infrastructure and Power strategy of Ares Management Corporation
(NYSE: ARES) (“Ares”), EPIC Midstream Holdings, LP (“EPIC”), and
the Port of Corpus Christi Authority (“PCCA”) announced today that
they have entered into a nonbinding memorandum of understanding
(“MOU”) to explore the development of a leading green hydrogen
production, storage, transportation, and export operation,
including a newly constructed dedicated pipeline and a green fuels
hub to be located at the Port of Corpus Christi on the Texas Gulf
Coast.
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As contemplated by the parties, the
project would produce green hydrogen and other derivative green
fuels in volumes not yet seen in the United States, with additional
scale possible by decade’s end. (Graphic: Business Wire)
As contemplated by the parties, the project would produce green
hydrogen and other derivative green fuels in volumes not yet seen
in the United States, with additional scale possible by decade’s
end. Apex expects to utilize its industry-leading portfolio of wind
and solar projects currently in development in Texas to power
facilities producing green hydrogen and derivative green fuels
products. In addition, EPIC will consider leveraging its pipeline
construction and operating expertise to accelerate the development
of a new, dedicated green fuels pipeline. The project would also
endeavor to leverage and develop existing and new storage,
processing, and export infrastructure sited on real estate owned by
PCCA.
Ares and PCCA previously executed a separate nonbinding
memorandum of understanding in May 2021, with the intention of
developing renewable energy infrastructure on PCCA-owned property
to support the production of green hydrogen and optionality to
provide renewable power directly to the port and its customers.
This MOU builds on that effort, specifically with respect to the
development of green fuels projects.
“We are excited to build on our existing relationship with PCCA
to develop and build what we believe will be one of the largest
green hydrogen projects in the country to date,” said Keith Derman,
Partner and Co-Head of Ares Infrastructure and Power. “The project
demonstrates the type of innovative, broad, and collaborative
approach across industries and stakeholders that we believe can
deliver novel energy solutions that help accelerate the transition
to a low-carbon economy and combat climate change. Further, this
underscores Ares’ leading capabilities in providing differentiated
solutions to a growing asset class as we seek to drive returns for
our investors through opportunities aligned with their
sustainability goals.”
“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,” said Mark Goodwin, Apex Clean
Energy President and CEO. “Together with Ares, EPIC, and the Port
of Corpus Christi, Apex would leverage the highest-quality wind and
solar resources in Texas to help decarbonize difficult-to-abate
industries—including the transportation, shipping, fertilizer,
chemical, and refining sectors—and include optionality for global
export. This would be green fuel production at gigawatt scale.”
“This initiative is exactly the type of interdisciplinary
collaboration that would enable scalable projects that move the
needle on diversification of the energy marketplace,” said Jeff
Pollack, Chief Strategy and Sustainability Officer for the Port of
Corpus Christi. “This monumental potential project would directly
contribute to the burgeoning clean hydrogen hub at the Port of
Corpus Christi and would directly support our ambitions to
cultivate world-scale hydrogen exports as our part in national
decarbonization and energy balance of trade objectives.”
The nonbinding MOU marks the second significant milestone for
Apex in the green hydrogen sector, following the 2021 announcement
of a 345 MW wind power purchase agreement and development services
agreement for a hydrogen production facility, also located in
Texas.
About Apex Clean Energy Apex Clean Energy was founded
with a singular focus: to accelerate the shift to clean energy.
Through origination, construction, and operation of utility-scale
wind, solar, and storage facilities, distributed energy resources,
and green fuel technologies, Apex is expanding the renewable
frontier across North America. Our mission-driven team of more than
300 professionals uses a data-focused approach and an unrivaled
portfolio of projects to create solutions for the world’s most
innovative and forward-thinking customers. Apex is a portfolio
company of funds and other accounts managed by the Infrastructure
and Power strategy of Ares Management Corporation. For more
information about how Apex is building the energy company of the
future, visit apexcleanenergy.com or follow us on Facebook,
Twitter, and LinkedIn.
About Ares Management Corporation Ares Management
Corporation (NYSE: ARES) is a leading global alternative investment
manager offering clients complementary primary and secondary
investment solutions across the credit, private equity, real estate
and infrastructure asset classes. We seek to provide flexible
capital to support businesses and create value for our stakeholders
and within our communities. By collaborating across our investment
groups, we aim to generate consistent and attractive investment
returns throughout market cycles. As of December 31, 2021, Ares
Management Corporation's global platform had approximately $306
billion of assets under management, with approximately 2,100
employees operating across North America, Europe, Asia Pacific and
the Middle East. For more information, please visit
www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.
About EPIC Midstream Holdings EPIC was formed in 2017 to
build, own and operate midstream infrastructure in the Delaware,
Midland and Eagle Ford basins. EPIC's Crude Oil Pipeline and NGL
Pipeline each span approximately 700 miles and transport crude and
natural gas liquids for delivery from the Permian and Eagle Ford
basins into the Corpus Christi market. The Crude Oil Pipeline
connects to the Port of Corpus Christi, including EPIC’s Marine
Terminal, third-party export terminals and local refineries. EPIC’s
NGL Pipeline has connectivity to EPIC’s operated fractionation
complex in Robstown, Texas as well as Gulf Coast refiners,
petrochemical companies and export markets. EPIC is a portfolio
company of funds managed by the Private Equity Group of Ares
Management Corporation (NYSE: ARES). For more information, visit
www.epicmid.com.
About The Port of Corpus Christi As a leader in U.S.
Crude Oil export ports and a major economic engine of Texas and the
nation, Port Corpus Christi is the largest port in the United
States in total revenue tonnage. Strategically located on the
western Gulf of Mexico with a 36-mile, soon to be 54-foot (MLLW)
deep channel, Port Corpus Christi is a major gateway to
international and domestic maritime commerce. The Port has
excellent railroad and highway network connectivity via three North
American Class-1 railroads and two major interstate highways. With
an outstanding staff overseen by its seven-member commission, Port
Corpus Christi is “Moving America’s Energy.” For more information,
visit www.portofcc.com.
Disclosure There is no certainty that a transaction will
proceed or the terms on which it would proceed.
Forward-Looking Statements Statements included herein
contain certain “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995, which relate
to future events or our future performance or financial condition.
Forward-looking statements can be identified by the use of forward
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beliefs, assumptions and expectations of our future performance,
taking into account all information currently available to us.
These statements are not guarantees of future performance,
condition or results and involve a number of risks and
uncertainties. Actual results may differ materially from those in
the forward-looking statements as a result of a number of factors.
Any forward-looking statement speaks only as of the date on which
it is made. Ares Management Corporation undertakes no duty to
update any forward-looking statements made herein or on the
webcast/conference call, whether as a result of new information,
future developments or otherwise, except as required by law.
Nothing in this press release constitutes an offer to sell or
solicitation of an offer to buy any securities of Ares or an
investment fund managed by Ares or its affiliates.
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version on businesswire.com: https://www.businesswire.com/news/home/20220222005110/en/
Media Apex Clean Energy Cat Strumlauf Director |
Corporate Communications (434) 227-4196
cat.strumlauf@apexcleanenergy.com
Ares Management Corporation Carl Drake, +1 888-818-5298 or Jacob
Silber, +1 212-301-0376 media@aresmgmt.com
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