Greenland's Hydropower Ambition Outpaces Microsoft's Nuclear Deal

Greenland is poised to become a significant player in the global hydropower market, surpassing even Microsoft's high-profile nuclear deal. Two new hydropower projects, Tasersiaq and Tarsartuup Tasersua, are expected to generate more than 9,500 GWh of electricity annually, outpacing the roughly 7 TWh from Microsoft's contracted nuclear plant.

The combined potential of these two hydropower sites is a major development for Greenland Mines Ltd's (NASDAQ:GRML) Sarfartoq project, which requires dependable energy to operate. President Bo Møller Stensgaard highlighted the importance of having multiple sources of power, including hydropower, wind, geothermal, and small modular reactors.

The government is currently advancing competitive tenders for the two hydropower sites, with prequalification expected in October 2026 and a broader process extending into 2028. However, the development of these projects still requires significant financing, construction, and industrial customer commitments.