Fortescue and Statkraft Extend Power Agreement for Holmaneset Green Hydrogen and Ammonia Project

Fortescue Metals Group and Statkraft have announced an extension and amendment of their existing power purchase agreement (PPA) for the Holmaneset green hydrogen and green ammonia project, currently in the feasibility phase. The amendments extend the agreement timeframe to 2029 and include a 10-year power supply commitment.

According to Hallvard Granheim, Executive Vice President for Markets at Statkraft, the renegotiation supports the company’s goal of providing stable and competitive power agreements that enable new green industrial developments and facilitate the broader green transition.

Gabriela Celin, Project Director at Fortescue, noted that the amended agreement provides additional time for the ongoing approvals and studies necessary for the development of the Holmaneset project.

The PPA remains conditional on financial close and the commencement of commercial operations, ensuring alignment with the project’s development milestones.

This extension underscores the commitment of both companies to advance large-scale renewable energy initiatives in support of green hydrogen and ammonia production.