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

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

(IN BRIEF) Statkraft and Fortescue have amended and extended their conditional power purchase agreement for the Holmaneset green hydrogen and green ammonia project, extending the agreement timeframe to 2029 and expanding it to cover a 10-year power supply. The revised terms support Fortescue’s ongoing feasibility studies and approval processes while aligning with Statkraft’s commitment to enabling new green industrial developments through stable, long-term renewable power solutions. The agreement remains subject to financial close and the start of commercial operations.

(PRESS RELEASE) OSLO, 16-Dec-2025 — /EuropaWire/ — Statkraft and Fortescue have agreed to revise and extend their existing conditional power purchase agreement (PPA) linked to the Holmaneset green hydrogen and green ammonia project, reflecting the project’s evolving development timeline and long-term energy requirements.

Under the updated arrangement, the timeframe of the current agreement has been extended through 2029, providing Fortescue with additional flexibility as the project continues through its feasibility phase. In parallel, the revised agreement expands the scope of the PPA to include a 10-year power supply period, reinforcing the long-term industrial and decarbonisation ambitions associated with the Holmaneset development.

Fortescue is continuing to advance technical studies, permitting processes and regulatory approvals for the project, which is designed to support the production of green hydrogen and green ammonia using renewable electricity. The extended agreement ensures that access to stable, competitive power remains aligned with the project’s phased development approach.

For Statkraft, the amendment reflects its broader strategy of supporting emerging green industries by offering long-term power solutions that enable industrial transformation and the transition to low-carbon energy systems. By adjusting the agreement to match Fortescue’s updated needs, Statkraft aims to help create the conditions required for large-scale renewable-based industrial projects to progress toward final investment decisions.

The power purchase agreement remains conditional upon Fortescue reaching financial close and commencing commercial operations at the Holmaneset site. Both parties emphasised that the revised terms provide a stronger framework for continued collaboration as the project moves closer to potential execution.

Media Contacts:

Lars Magnus Günther
Corporate media relations lead
Telephone: +47 912 41 636
E-mail: larsmagnus.gunther@statkraft.com

SOURCE: Statkraft