Fortescue is on the cusp of signing more renewable energy supply deals as it pushes ahead with plans to make green ammonia at Gibson Island in Queensland.
It is one of five projects, all related to hydrogen, ammonia or fertiliser, Fortescue plans to press the go-button on before December 31 even though it concedes clean power projects will earn barely half the returns of iron ore mining.The other energy projects are in the United States, Kenya, Norway and Brazil.Fortescue’s power purchase agreement with Genex covers 337.
Genex acquired the Bulli Creek project from co-developer Solar Choice in August 2022 and initially envisioned a standalone battery energy storage system as a first stage. Mr Francis said those plans had changed on the back of the offtake deal with Fortescue. Genex was up almost 7 per cent to 15.5¢ on Monday.Mr Hutchinson said the agreement would secure part of the renewable power required for the Gibson Island project and underpinned the development of a new solar farm in Queensland.
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Source: FinancialReview - 🏆 2. / 90 Read more »