Norwegian energy supplier Statkraft has secured a renewable electricity supply contract from pharmaceutical company Vistin Pharma.
Vistin says the long-term agreement will come into effect on January 1 and will secure a major portion of its electricity demand on competitive terms until 2032. The energy deal includes guarantees of origin certification, ensuring that the electricity supplied under the contract is generated completely from renewable sources.
The agreement comes as the pharma company grapples with extreme volatility and high electricity prices. Headquartered in Oslo, Norway, Vistin operates a dedicated manufacturing facility in Kragerø.
“This agreement will give Vistin Pharma stable electricity supply at predictable and competitive prices. The agreement helps to secure our competitiveness in the global Metformin market,” Vistin Pharma’s CEO Kjell-Erik Nordby said in a statement “We are happy that Statkraft by this agreement contributes to the future development of Vistin and thereby allows the company to continue focusing on its growth strategy.”
Originally a hydropower only producer, Statkraft has a mostly renewable energy mix in its portfolio –which includes hydro, wind, solar, district energy and gas and biomass power.
Vistin Pharma is a global drugs manufacturer. The company produces close to 10 percent of the world market for diabetes drug metformin.