Hydro Energy and Eviny Fornybar have signed a long-term power purchase agreement (PPA) which secures an annual supply of 0.5 TWh of renewable power in the period from 2031 to 2040.
The agreement secures a total of 5 TWh over the contract period and the power will be delivered in Norwegian electricity price area NO5.
Kari Ekelund Thørud, Executive Vice President of Hydro Energy, said: “Long-term and predictable access to renewable power is crucial for Hydro.
“This agreement with Eviny secures parts of our power demand, and enables us to continue supplying the low-carbon aluminium and solutions from our Norwegian plants that Europe is demanding.”
Based on renewable energy, Hydro can produce aluminium in Norway with a carbon footprint about 75% less than the global average.
Renewable energy is key for Hydro to succeed with its technology roadmap towards zero emissions by 2050.
Sonja Chirico Indrebø, Executive Vice President of Eviny Fornybar, said: “Long-term agreements like this are essential for making major investment decisions in new renewable generation.
“Predictability on both sides ensures that industry gets the power it needs, while enabling us to develop more of the renewable energy Norway will depend on in the years ahead.”