Statkraft and Fortescue have agreed to amend and extend their conditional power agreement for the Holmaneset green hydrogen and green ammonia project in Norway. The renegotiated deal extends the existing agreement timeframe to 2029 and covers a 10-year power supply arrangement.

Project Status and Timeline Extension

The Holmaneset project is currently in the feasibility phase, with Fortescue continuing to progress studies and approvals for the green hydrogen and green ammonia facility. The amendments to the original power agreement provide additional time for Fortescue to complete this development process.

The extended timeline reflects the complex nature of developing large-scale green hydrogen infrastructure and the regulatory approval processes required for such projects in Norway.

Power Supply Agreement Details

The renegotiated agreement between Statkraft and Fortescue now encompasses a 10-year power supply commitment, representing a significant long-term energy partnership. The power purchase agreement (PPA) remains conditional upon financial close and commencement of commercial operations at the Holmaneset facility.

This conditional structure allows both companies to maintain flexibility as Fortescue advances through the project's remaining development phases.

Company Statements and Strategic Priorities

Hallvard Granheim, Executive Vice President for Markets at Statkraft, emphasized the company's commitment to supporting green industrial development. "For Statkraft, it is a priority to offer stable and competitive power agreements that contribute to new, green industrial development and green transition. We are therefore pleased to have renegotiated the agreement with Fortescue and thus meet their updated needs at Holmaneset," Granheim stated.

Fortescue Project Director Gabriela Celin highlighted the importance of the extended timeline for project development. "Fortescue continues to progress approvals and studies towards the development of its Holmaneset Project. The renegotiated power agreement allows time for this process to continue," Celin explained.

The renegotiated agreement demonstrates both companies' continued commitment to the Holmaneset project while acknowledging the practical realities of developing complex green energy infrastructure. The extended timeframe provides Fortescue with the necessary flexibility to complete feasibility studies and secure required approvals for the green hydrogen and green ammonia facility.

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