Hydro has completed the transaction for the sale of 49.9 percent of renewable energy company Hydro Rein to Macquarie Asset Management.
The financial closing of the transaction that was announced in
“We are excited to conclude the transaction, marking the next chapter in our renewable energy partnership with Macquarie Asset Management. Hydro Rein is well equipped to execute on its ambitious growth agenda, with a strong project pipeline going forward. Industrial decarbonization begins with renewable energy and Hydro Rein will be instrumental in supporting Hydro as well as other industries with the energy we need to reduce our CO2 emissions,” says Hydro’s President and CEO,
The transaction values Hydro Rein at
The impact from the transaction will be recognized in Hydro’s income statement for the second quarter and excluded from “Adjusted results.” With the capital provided by Macquarie, Hydro Rein is expected to be fully funded for its current projects under construction and development cost for projects in the pipeline in the coming years, with an ambition that no new equity will be called on from the owners beyond committed capital.
Hydro and Macquarie have a longstanding relationship within renewable energy. The companies have collaborated on several projects since 2017, and have developed 1.3 GW of renewable energy capacity, including several wind projects across the Nordics and a 456 MW onshore wind farm in
Hydro Rein has 8.4 GW gross capacity in development across its core markets in the Nordics and
“Decarbonizing vital industrial materials like aluminium is a key challenge of the energy transition. Hydro Rein is helping to pioneer low-carbon aluminium smelting and is playing a leading role in enabling industries like the automotive sector to reach its decarbonization targets. I look forward to joining forces once again with Hydro, combining our capabilities to unlock a greener future for industry, and the communities and markets served by industry,” says
As of today, Hydro Rein is established as a joint venture (JV) where Hydro owns 50.1 percent and Macquarie 49.9 percent of the company. All of Hydro Rein’s assets in
Investor contact:
Martine Rambøl Hagen
+47 91708918
Martine.Rambol.Hagen@hydro.com
Media contact:
+47 92979797
Halvor.Molland@hydro.com
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