Fortescue, one of Australia's leading iron ore mining companies, has entered into a renewable power purchase agreement with Genex Power, a local electric utilities firm. The agreement secures 337.5 megawatts (MW) of new solar energy to fulfill Fortescue's renewable energy requirements for its ambitious Gibson Island project, as jointly announced by the companies on Monday.
This collaboration underscores Fortescue's dedication to incorporating renewable energy sources into its operations, particularly for the forthcoming Gibson Island venture located in Brisbane. As part of this agreement, Genex Power will play a pivotal role in supplying the required renewable energy, setting the stage for a cleaner, more sustainable future.
Furthermore, this partnership will catalyze the development of a new renewable energy project in North Queensland, signaling a broader commitment to clean energy initiatives in the region, as affirmed by Fortescue.
However, it's important to note that this agreement comes with certain conditions. Genex must secure funding for the initial phase of its Bulli Creek Solar Project by the end of 2024, and Fortescue must reach a final investment decision regarding the Gibson Island Project by the close of 2023.
Under this agreement, Genex will provide 337.5 MW of renewable energy, sourced from the first phase of its Bulli Creek Solar Project in Queensland, constituting a significant portion of the total 450 MW required. This commitment extends over an impressive span of 25 years, reflecting a long-term commitment to sustainable energy generation and consumption.
Genex's involvement in this renewable energy venture is in collaboration with Japanese electricity generation firm Electric Power Development, emphasizing the international dimension of this initiative.
