LONDON (Reuters) - Macquarie’s [MBL.UL] Green Investment Group said it has entered into two long-term power purchase agreements with Eramet Norway to supply power to its Norwegian smelters from two wind farms.
Eramet Norway, part of the French mining group Eramet (ERMT.PA), is a manufacturer of manganese alloys for the global steel industry.
It has an annual electricity demand of more than 2 terawatt hours and relies on long-term and predictable power conditions to ensure stable supply for its processing plants.
The power will come from two Norwegian wind farms - Tysvær in Rogaland and Buheii in Agder - which are currently under development.
Tysvær is owned by the Green Investment Group, bought by Australia-based Macquarie from the British government in 2017. The bank has agreed to buy Buheii Vindkraft, the owner of the Buheii wind farm, from developer Nordisk Vindkraft. Both wind farms will supply power to Eramet’s Norway processing plants until 2038.
Financial details were not disclosed.
(This story is refiled to fix spelling of terawatt, paragraph 3)
Reporting by Nina Chestney; Editing by Alex Richardson