Fortescue signs agreement to assess hydropower opportunities in PNG
Category: #energy-and-environment  By Pranali Mehta  Date: 2020-09-03
  • share
  • Twitter
  • Facebook
  • LinkedIn
Fortescue signs agreement to assess hydropower opportunities in PNG

Fortescue Future Industries Pty Ltd, a subsidiary of Fortescue Metals Group, has reportedly entered into an agreement with the government of Papua New Guinea and Kumul Consolidated Holdings Ltd, a wholly owned entity holding the PNG government’s non-mining and non-petroleum assets in trust. The move has been taken to evaluate hydropower development opportunities in the region to support green industrial operations.

According to Fortescue, Fortescue Future Industries shares the company’s commitment to a green industry future and will closely work with communities and the local people to establish long-term careers and training. The stated approach is in complete alignment with Fortescue’s vision to benefit communities via its growth and development in the region of its operation.

As per the terms of the agreement, all parties will promptly assess the feasibility of green industrial projects for both domestic and export markets. The move is consistent with Fortescue’s record of furnishing both, yield and capital growth, to its stakeholders while sharing the benefits of employment and sustainable development with the local communities.

As per sources, Fortescue Future Industries will develop individual projects in the region subject to the completion of feasibility studies and regulatory approvals, cite sources. The ownership and sources of project finance will be separately secured to Fortescue without recourse. The company has stated that the execution of studies and the capital investment approach will be in alignment with its track record of multi-billion-dollar project development in the Pilbara, at a market leading capital intensity.

Sasindran Muthuvel, PNG’s Minister for State Enterprises, has stated that Fortescue has opined that there is extensive potential for sustainable energy generation to serve a series of environmentally friendly industries, adding that this is more than just a hydro-electric power scheme. The project will effectively enable PNG to become partners in the development of carbon-neutral industries that deliver lots of investment opportunities, employment, and growth across the country.

 

Source Credits:

https://im-mining.com/2020/09/01/fortescue-evaluate-green-hydropower-opportunities-png/

  • share
  • Twitter
  • Facebook
  • LinkedIn

About Author

Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

Read More >>

More News By Pranali Mehta

Air New Zealand exploring low-carbon tech to reduce fleet emission
Air New Zealand exploring low-carbon tech to reduce fleet emission
By Pranali Mehta

Air New Zealand Ltd. recently stated that it is learning to utilize low-carbon technologies such as hybrid, electric, or hydrogen-powered aircraft to drastically cut emissions from shorter and regional flights by 2030. Aviation accounts for about 2....

Siemens Gamesa raises capacity of 5.X wind turbine platform to 6.6MW
Siemens Gamesa raises capacity of 5.X wind turbine platform to 6.6MW
By Pranali Mehta

Renewable energy major, Siemens Gamesa has successfully increased the capacity of its next-generation onshore wind turbine platform, the Siemens Gamesa 5.X. With this upgrade, output of the platform’s SG 6.6-155 and SG 6.6-170 turbines has bee...

Amazon launches its largest fulfillment center in Bengaluru, India
Amazon launches its largest fulfillment center in Bengaluru, India
By Pranali Mehta

E-commerce major Amazon India has unveiled the largest fulfillment center in Bengaluru, which reportedly comes with a capacity of over 2.4 million cubic feet. The company mentioned in its official statement this new infrastructural expansion will pr...