Ferrexpo launched a solar power plant

Ferrexpo has launched a pilot project to install solar panels and obtain solar energy. The complex capacity is 5 MW. The project used nearly 10,000 solar panels from Jinko Solar, one of the world leaders in the production of this equipment. Solar panels are installed on the dumps of the quarries for the rational use of the areas occupied during the operation of the quarries.

The cost of the project was several million US dollars. The project is fully financed by the Company itself, the solar power plant will not have any state compensation, subsidy, subsidy or “green tariff” programs. As previously reported, Ferrexpo deliberately refuses to use any subsidies for the production of renewable energy in accordance with the world's best practices. “We have achieved a market return on this project without any“ green tariffs ”from the state, and should be an example for other companies that are building renewable energy generation facilities,” the company said.

According to Victor Lotous, Chairman of the Management Board of Poltava GOK (PGOK), the first solar power plant will supply electricity for consumption by the Group's enterprises at the existing industrial site. The station will produce 6.5-7 million kWh of electricity per year. “This is a new page in the history of Ferrexpo, which makes it possible to replace the purchase of some of the electricity from the energy market with renewable energy from the sun at a more competitive price and with no CO2 emissions, making Ferrexpo's production even more environmentally friendly. The launch of its own generation reduces for Ferrexpo the negative consequences of monopolization of the energy market due to limited competition and the risks of an increase in the tariff for electricity transmission. Moreover, thanks to this project, new jobs have been created, ”he added.

The above solar power plant is a pilot project, after which the Company will move to a full-scale change from traditional electricity to renewable energy from the sun as part of the product decarbonisation program. Ferrexpo plans to build in the medium term a power plant for the production of renewable energy with a capacity of 250 to 1000 MW.