Fortescue, a leading Australian Iron ore mining company, and Genex, a supplier of renewable energy, have recently established a 25-year agreement for the purchase of solar power. This power purchase agreement (PPA) solidifies the partnership between the two companies and marks a significant step towards sustainable energy for Fortescue.
Queensland’s Bulli Creek solar and battery project (BCP) has secured a Power Purchase Agreement (PPA) for the off-take of up to 337.5 megawatts of solar energy. This agreement marks a positive step towards achieving greater sustainability through the utilization of renewable energy sources. The PPA serves as a testament to BCP’s commitment to the environment and exemplifies the growing demand for alternative energy solutions in the region.
According to Craig Francis, the CEO of Genex, today’s announcement is a significant achievement for both the company’s 2.25 gigawatt development portfolio and Australia’s transition towards renewable energy sources. This milestone marks a crucial step forward in the country’s efforts to shift towards greener and more sustainable resources.
Genex, in collaboration with Electric Power Development (J-Power), and Solar Choice as a co-developer, is currently working on the development of the BCP. This project is expected to revolutionize the way we generate and distribute power.
First stage of solar development at BCP has a minimum capacity of 450 megawatts
As per an agreement between Genex and J-POWER with Fortescue, the commencement of the first stage of solar development at BCP has been confirmed with a minimum capacity of 450 megawatts. The Power Purchase Agreement (PPA) further ensures that a significant 75% of the revenue stream is contracted.
In a recent announcement, Fortescue revealed plans to make use of the solar energy obtained through its Power Purchase Agreement (PPA). The energy will be utilized to power a state-of-the-art green hydrogen and green ammonia facility that will be developed in conjunction with the Gibson Island project located within the United States.
According to a recent statement by Genex, negotiations regarding additional solar offtake are currently underway with multiple parties. These discussions are aimed at expanding the initial capacity to a whopping 775 megawatts, which would make it the biggest grid-connected solar farm in all of Australia.
Francis expressed enthusiasm in partnering with Fortescue and lending their support to the establishment of a sizable electrolysis facility in Gibson Island. The project is expected to be an integral step towards a thriving and lucrative green hydrogen and ammonia sector in Australia.
Fortescue has recently revealed that it has become the primary investor in Electric Hydrogen’s (EH2) series C funding round worth a staggering US$380 million ($603.4 million).
EH2 has successfully developed a groundbreaking technology that produces green hydrogen on a large scale. Their complete electrolyser systems, boasting an impressive 100-megawatt capacity, utilize renewable electricity and water to create this eco-friendly alternative to traditional hydrogen.
According to Fortescue Energy’s CEO Mark Hutchinson, the company is dedicated to aiding the swift expansion of eco-friendly technology in order to assist heavy industry in reducing carbon emissions. Mr. Hutchinson stated that the production of green hydrogen on a large scale is a vital part of this effort.
