Abraxas Power Corp. and EDF have announced the signing of strategic agreements to develop the Exploits Valley Renewable Energy Corporation (EVREC) project, an ambitious green hydrogen and ammonia production initiative located in Newfoundland. This partnership marks a significant step in the energy transition and highlights the commitment of both companies to low-carbon solutions.
EVREC is a Power-to-X (P2X) project, a technology that converts renewable energy into green molecules, integrating up to 3 gigawatts of onshore wind capacity. The energy produced will be used to generate 200,000 tons of green hydrogen (H2) and 1 million tons of green ammonia (NH3) annually. These products are intended for export through a dedicated port infrastructure currently included in the project design.
Goals and Key Milestones
The partnership between Abraxas and EDF is based on joint capital investments and development efforts. Both companies aim to reach a final investment decision (FID) by 2026, followed by a construction period planned from 2026 to 2030. Once operational, the project is expected to achieve a reduction of over 1.5 million tons of CO2 annually while delivering significant benefits to the province of Newfoundland and Labrador.
Economic and Environmental Impacts
According to projections, EVREC could contribute more than 5 billion Canadian dollars to the provincial budget through stakeholder benefit agreements. The project is also expected to create several hundred long-term skilled jobs in the region, boosting the local economy.
In addition to economic benefits, this project is expected to position Newfoundland as a global leader in the export of green molecules, strengthening its role in the global energy transition.
Stakeholder Statements
Colter Eadie, CEO of Abraxas and EVREC, expressed his satisfaction with this partnership. “This project represents a transformative step towards a sustainable energy economy and a green future for Newfoundland.”
Meanwhile, Béatrice Buffon, Executive Vice President of EDF and CEO of EDF Renewables, praised the synergy between the two companies. She highlighted EVREC’s competitive advantages and EDF’s commitment to supporting the most CO2-emitting sectors with decarbonization solutions.
