Hydro Energi AS, a subsidiary of Norsk Hydro ASA, has inked a significant power purchase agreement (PPA) with leading renewable power producer Statkraft. The agreement, spanning from May 1, 2024, to December 31, 2027, will see Hydro Energi AS procure 1.28 terawatt-hours (TWh) of electricity from Statkraft.
“This agreement marks a significant step for Hydro Energi AS as we continue to strengthen our commitment to sustainable energy practices,” stated a representative from Hydro Energi AS.
The agreement adds to Hydro Energy's existing power portfolio, which includes 9.4 TWh per year from captive power production and an additional 10 TWh from long-term contracts. Notably, the announcement did not specify the exact renewable energy sources involved, but Statkraft's diverse portfolio covers hydroelectric, wind, solar, gas, and biomass energy.
The electricity delivery will be designated to price area NO3, further enhancing the region's access to clean and renewable energy sources. This move aligns with both companies' shared goal of advancing renewable energy solutions and reducing carbon footprints.
