May 20 (Renewables Now) - Norwegian state-owned utility Statkraft AS has signed a new contract to supply power to local biorefinery operator Borregaard in the period 2020-2029.
The long-term industrial power agreement calls for the delivery of 1.75 TWh in total, or about 175 GWh annually, to Borregaard's biorefinery in Sarpsborg.
“This agreement is an important element in our long-term work for predictable and stable prices for renewable energy for our biorefinery in Sarpsborg,” commented Per A Sorlie, Borregaard’s CEO.
Statkraft is mainly focused on the production of hydropower but also has wind, solar and gas-fired power plants in its portfolio. The company also offers district heating.
Earlier this month, Statkraft said the underlying EBIT of its European wind and solar division more than tripled in the first quarter of 2018, driven by higher power prices and favourable wind conditions.