Fortescue, Statkraft Secure Power for Green Project

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by KnowESG
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Image courtesy of https://www.statkraft.com/

Fortescue Future Industries (FFI) has obtained renewable energy for the Holmaneset green energy project by signing a long-term Power Purchase Agreement (PPA) with Statkraft.

Under the conditional agreement signed in Oslo, Statkraft will provide renewable energy to support FFI's plans to operate a 300-megawatt green hydrogen and green ammonia plant.

Mark Hutchinson, CEO of FFI, stated that producing green hydrogen and ammonia is a pressing need to promote global decarbonisation promptly. He added that FFI has selected Statkraft as a partner for one of its initial green ammonia projects due to its position as Europe's most extensive renewable power generator. This partnership is expected to aid ambitious goals of reducing greenhouse emissions in Europe and position FFI as a leader in producing green hydrogen and ammonia.

Hallvard Granheim, EVP Markets at Statkraft, remarked that supplying competitive and renewable energy to Norwegian industries is a crucial responsibility for the company. With the PPA agreement, Statkraft is also contributing to the development of green industries in Norway. Granheim added that green hydrogen and ammonia are essential solutions for decarbonising society and achieving the net-zero target.

FFI conducted a Scoping Study across Norway to explore potential locations for renewable energy and port facilities, which led to the identification of the Holmaneset Project site (about 8km west of Svelgen in Bremanger municipality).

Currently, the Holmaneset Project is in the feasibility phase, with FFI conducting environmental, viability, and social studies and developing a project concept in compliance with Norwegian regulations, FFI's environmental and social policies and values, and international standards. The PPA with Statkraft is dependent on a favourable Final Investment Decision for the Holmaneset Project.

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Source: Statkraft

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