Statkraft, the Norwegian renewable energy company described as Europe's largest renewable producer and a leader in the power purchase agreement market, has joined with Fortia Energía and Cementos Portland Valderrivas to extend a long-term solar energy supply contract through to 31 December 2036.

The agreement, which has been in force since 1 January 2022, was originally signed with an initial duration of ten years. The three parties have now agreed to bring that end date forward by several years, locking in the arrangement for the next decade under revised terms.

Structure of the Agreement

The contract involves an annual volume of 50 gigawatt hours of solar energy, sourced from Statkraft's renewable portfolio in Spain. Under the arrangement, Statkraft designs the supply contract drawing on production from its Spanish asset base, while Fortia Energía acts as the buyer of the electricity and makes it available to Cementos Portland Valderrivas.

The structure reflects a collaboration between Statkraft and Fortia that channels renewable output from one side of the market to large industrial consumers on the other.

Fortia Energía is described as the largest independent supplier in the Iberian electricity market, currently providing power to more than 150 production facilities across Spain and Portugal.

The company was founded in 2007 by a group of large industrial consumers as a vehicle to aggregate their demand and access energy markets collectively. The extension of this particular agreement was signed within the framework of the broader ongoing relationship between Statkraft and Fortia.

Energy Coverage and Industrial Impact

The 50 GWh annual volume covered under the agreement accounts for approximately 10 percent of Cementos Portland Valderrivas's total annual electricity consumption in Spain.

The company, which is part of the Grupo Inmocemento and describes itself as one of Spain's leading cement groups with more than 120 years of experience in the production and distribution of cement and related products, operates across multiple industrial sites in the country and is also active in international markets.

For Cementos Portland Valderrivas, the agreement provides price stability and reduces exposure to fluctuations in the wholesale electricity market. The company noted that the extension through 2036 reinforces its energy strategy and its commitment to more efficient and decarbonised production. Long-term visibility on a portion of its energy costs was cited as essential to maintaining competitiveness and progressing toward products with a lower carbon footprint.

Voices from the Three Partners

Tiago Thomaz, Head of Origination for Iberia at Statkraft, said the deal reaffirms Statkraft's role as a key partner for the Spanish industrial sector. He highlighted that the company's broad renewable portfolio enables it to design customised and competitive contracts that deliver energy at stable prices while reducing risk for electricity-consuming businesses in Spain.

Alezeia González, Chief Operating Officer at Fortia Energía, noted that Fortia was the first energy retailer to sign a renewable PPA aimed at the industrial sector in Spain, having done so in 2018.

She described power purchase agreements as having become a key instrument within Fortia's supply portfolio, serving as a mechanism to reduce price volatility and support customers' sustainability and efficiency objectives.

Cementos Portland Valderrivas, for its part, emphasised that having partners of the profile of Statkraft and Fortia provides the stability and long-term predictability it considers essential to advancing both its competitiveness and its development of lower-carbon products.

Decarbonisation Goals and Renewable Strategy

The agreement sits within a wider push by Cementos Portland Valderrivas to modernise its operations and reduce its environmental impact. The group states that it is working toward a more efficient, competitive and decarbonised production model through innovation, facility upgrades, the use of renewable energy, and the incorporation of alternative raw materials and fuels. The solar supply contract is presented as one element of that broader transition.

For Statkraft, the deal adds to its portfolio of industrial supply agreements in Spain. The company positions itself as a designer of bespoke energy contracts tailored to the specific consumption profiles of large industrial customers, using the scale and diversity of its renewable generation assets in the country to offer price certainty over long timeframes.

Market Context

The Iberian electricity market has seen growing uptake of long-term renewable supply contracts as industrial consumers seek to manage energy cost risk and meet sustainability commitments.

Fortia Energía's description of PPAs as now a key instrument within its portfolio reflects a broader shift among large industrial buyers away from purely spot-market exposure.

The original agreement between the three parties, signed at the start of 2022, was among a wave of such contracts concluded as renewable capacity expanded rapidly in Spain and corporate buyers sought to lock in competitively priced green power over multi-year horizons.

The extension announced on 28 July 2026 runs the contract through to the end of 2036, giving all three parties a combined contractual relationship spanning up to fifteen years from the original start date.

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