Fortescue and Statkraft Extend Power Purchase Agreement for Holmaneset Green Hydrogen Project in Norway

Fortescue has amended a conditional power purchase agreement (PPA) for its 300MW Holmaneset green hydrogen project in Norway, delaying the expected start-up to post-2029. The agreement with Norwegian hydropower firm Statkraft has been extended to a 10-year supply deal, reflecting the project's ongoing feasibility phase and Fortescue's recent adjustments to its green hydrogen investments.

Originally, construction was set to begin in 2025 with operations starting in 2027. The amendments to the PPA accommodate Fortescue's updated requirements as it continues studies and approvals necessary for the project's development. The PPA remains conditional upon financial closure and the start of commercial operations.