Fortescue Future Industries (FFI), a global green energy company, has secured renewable power for its proposed Holmaneset green energy project by entering into a long-term power purchase agreement (PPA) with Statkraft, a supplier of renewable energy.
Under the conditional agreement, Statkraft is expected to supply renewable power to support FFI’s operational plans for a 300-megawatt (MW) green hydrogen and green ammonia facility in Norway.
The PPA is conditional upon a positive final investment decision (FID) for the Holmaneset project, FFI noted.
FFI CEO Mark Hutchinson said: “There is an urgency to produce green hydrogen and green ammonia and support global decarbonisation as quickly as possible. FFI has chosen to partner with Statkraft to develop one of its first green ammonia projects because they are Europe’s largest renewable power generator and will play a key role to enable ambitious goals to reduce European greenhouse emissions and assist FFI to become a leader in green hydrogen and green ammonia production.”
Statkraft EVP Markets Hallvard Granheim commented: “Providing renewable and competitive power to Norwegian industries is a key task for Statkraft. With this PPA we also contribute to green industry development in Norway. Green hydrogen and green ammonia are two of the solutions needed to decarbonise society and reach the net zero target.”
Recently, FFI undertook a scoping study across Norway to identify potential locations for the development of renewable energy and port facilities, and through that process, the Holmaneset project site was identified as a prime location. To note, the site is approximately 8 km west of Svelgen in Bremanger municipality.
Currently, in the feasibility phase of the Holmaneset Project, FFI said it is conducting several environmental, viability, and social studies, and is developing a project concept in line with Norwegian regulations, FFI’s environmental and social policies and values, and international good practice.