Sweden-based H2 Green Steel has announced that it has signed a new power purchase agreement with Norway-based hydropower company Statkraft to secure a long-term yearly supply of renewable electricity produced in the 2026-2032 period at the latter’s hydropower plants in northern Sweden.
In the first phase, H2 Green Steel will produce 2.5 million mt of green steel annually. In order to deliver green steel to European customers, a large amount of renewable electricity is needed. According to the agreement, Statkraft will supply 2 TWh of renewable electricity per year for seven years, totaling 14 TWh.
“This is an important step in building our portfolio of renewable electricity, and we will continue to partner with front-runners in the industry that can offer renewable electricity at competitive prices,” Luisa Orre, chief procurement officer of H2 Green Steel, said.
