GreenFront Energy Partners Advises Nucor Steel in 100 MW Virtual Power Purchase Agreement for New Wind Energy
Nucor Corporation (NYSE: NUE), North America’s largest and most diversified steel and steel products company, announced the signing of a virtual power purchase agreement (VPPA) with Ørsted Onshore North America, LLC for 100 megawatts from Ørsted’s Western Trail wind farm (WTW) in North Texas.
This is Nucor's second VPPA. Last year, Nucor signed a VPPA with EDFR Renewables North America to be the sole off-taker for EDFR's 250-megawatt Brazos Fork solar project, which is also located in Texas. Nucor's VPPA with Ørsted's WTW project complements the company's participation in Brazos Fork. Together, these two projects have the potential to supply renewable power to the regional electric grid 24 hours a day.
Nucor engaged GreenFront Energy Partners to advise on its renewable energy procurement strategy and to run a formal process for soliciting proposals from major renewable energy developers across the country. The GreenFront team strongly believes that every off-taker is different and deserves a customized solution. In this case, Nucor was able to evaluate a wide variety of offers from across its operating footprint, ultimately selecting multiple projects that would have the highest environmental impact with the greatest margin of safety for the company. By contracting as an off-taker for wind and solar generation in the same region, Nucor is contributing to the supply of around-the-clock renewable energy generation to more closely match its Texas load profile.
GreenFront differentiates itself through a wide-ranging suite of analytical processes that help off-takers understand the full picture of a renewable power contract. Our firm has an intense focus on bringing analytical rigor and process discipline to renewable energy procurement. Our process provides a holistic view that starts with achieving environmental and economic priorities, and extends to other areas like risk management, legal, accounting, and investor relations.