Norwegian state-owned utility Statkraft and Australian group Fortescue have agreed to amend and extend their power purchase agreement (PPA) related to the Holmaneset project, focused on green hydrogen and green ammonia production. The project, located in Norway, remains in the feasibility study phase.
A revised agreement with a 2029 horizon
The updated contractual framework extends the agreement’s duration until 2029, while providing a ten-year electricity supply term. This revision secures energy commitments for the project, even though it has yet to reach a final investment decision or commence commercial operations.
The contract remains subject to financial close and the start of operations. No further information has been disclosed regarding the electricity volumes or pricing structure. However, the extension gives Fortescue time to continue the technical and environmental assessments required for the site’s development.
Commitment maintained despite uncertainty
Statkraft stated that the stability and competitiveness of its power agreements remain a priority, especially in support of green industrial development. The company reaffirms its intent to meet evolving demands from industrial partners, even in a context where financial closure is still pending.
For its part, Fortescue is moving forward with project development without providing a fixed timeline for the final investment decision. No estimates have been shared on the hydrogen or ammonia production capacity or on potential commercial offtake. The Holmaneset site, located near Norwegian maritime infrastructure, remains one of the industrial initiatives closely monitored by sector stakeholders.
