ARKANSAS, Oct 9 (Future Headlines)- Australia’s Fortescue, one of the world’s largest iron ore miners, has entered into a renewable power purchase agreement with Genex Power, a local electric utilities firm. This agreement is a significant step in Fortescue’s commitment to sourcing renewable energy for its proposed Gibson Island project in Brisbane.
Fortescue will secure 337.5 megawatts (MW) of solar energy to meet the renewable energy requirements for its Gibson Island project. This project aims to utilize sustainable energy sources to power its operations. Fortescue’s renewable power purchase agreement is with a subsidiary of Genex Power. This partnership highlights Fortescue’s dedication to collaborating with local companies to achieve its sustainability goals.
In addition to powering the Gibson Island project, this agreement will support the development of a new renewable energy project in North Queensland, contributing to the region’s clean energy infrastructure. The renewable power purchase agreement is conditional on Genex securing funding for the first stage of its Bulli Creek Solar Project by the end of 2024. Fortescue’s final investment decision regarding the Gibson Island Project is also expected by the end of 2023.
Genex will supply 337.5 MW of renewable energy from the initial stage of its Bulli Creek Solar Project, located near Queensland. This energy supply will span over 25 years, ensuring a stable and long-term source of clean power for Fortescue’s operations. Genex is developing the Bulli Creek Solar Project in collaboration with Electric Power Development, a Japanese electricity generation firm. This partnership enhances the project’s capabilities and brings international expertise to the renewable energy venture.
Fortescue’s commitment to procuring a substantial amount of solar energy for the Gibson Island project reflects the company’s efforts to transition toward cleaner and more sustainable operations. This move aligns with the global trend of corporations seeking renewable energy sources to power their facilities, reduce greenhouse gas emissions, and contribute to a more environmentally friendly future.
Reporting by Kevin Wood; Editing by Sarah White