Fortescue secures initial renewable energy for Gibson Island project (updated)
08/10/2023 23:40
(Adds details of deal in paragraph 2- 4)
Oct 9 (Reuters) - Australia's Fortescue FMG.AX will
secure 337.5 megawatts (MW) of new solar energy as part of its
renewable energy requirements for its proposed Gibson Island
project from a unit of local electric utilities firm, Genex
Power GNX.AX , the companies said on Monday.
A unit of the world's fourth-largest iron ore miner inked a
renewable power purchase deal with a subsidiary of Genex as
Fortescue progresses with the renewable power required for the
Brisbane project.
The agreement will also underpin the development of a new
renewable energy project in North Queensland, Fortescue said.
The agreement is conditional on Genex securing funding for
the first stage of its Bulli Creek Solar Project by the end of
2024 and Fortescue reaching a final investment decision on the
Gibson Island Project by the end of 2023.
Genex will supply 337.5 MW of the proposed 450MW required
energy generated from the first stage of its Bulli Creek Solar
Project near Queensland for over 25 years, it said.
Genex is developing the solar project in partnership
with Japanese electricity generation firm Electric Power
Development 9513.T .
(Reporting by Nausheen Thusoo in Bengaluru; Editing by Lisa
Shumaker)
((Nausheen.Thusoo@thomsonreuters.com;))