Hydro Rein, Hydro’s renewable venture, is to acquire the majority stake in a 2400MW portfolio of wind projects in development in Sweden and Norway.
Hydro Rein has entered into an agreement with the Swedish renewable energy developer IOWN Energy to take an 80% stake in the 25 projects.
The portfolio consists of 23 sites in Sweden and two in Norway, spread across electricity price areas SE2, SE3, SE4 and NO2.
Under the terms of the agreement, Hydro Rein and IOWN will commence a long-term partnership to co-develop these projects, with IOWN retaining a 20% stake.
The schemes are in the early phase of the development cycle, with a significant number of land lease agreements already signed.
Hydro Rein and IOWN will work together to advance the development of the projects, in close dialogue with host municipalities, landowners, and local communities.
The two partners have an ambition to make the first investments before 2030.
“We are pleased to join forces with IOWN and secure a large portfolio of wind power projects in Sweden and Norway,” said head of Hydro Rein Olivier Girardot.
“The transaction is in line with Hydro Rein’s strategy of focusing on early phase projects in our core markets.
“IOWN has a competent team with extensive experience from wind power development in the Nordics, which will complement Hydro Rein well.”