Norsk Hydro Ventures into Wind Energy with a Strategic Acquisition

Norsk Hydro, through its renewable energy division Hydro Rein, has embarked on a significant expansion into wind power by acquiring an 80% interest in a 2.4-gigawatt portfolio of wind power projects under development in Sweden and Norway. This move marks a substantial step forward in the company's renewable energy ambitions.

The strategic partnership established with Swedish renewable energy developer IOWN Energy involves the joint development of 25 projects—23 located across various electricity price areas in Sweden (SE2, SE3, SE4) and two in Norway (NO2). This collaboration underscores both entities' commitment to contributing to the transition to sustainable energy sources in the Nordic region.

Hydro Rein and IOWN Energy's long-term partnership signifies a shared vision for the future of renewable energy in Scandinavia. With plans to initiate investments before the end of this decade, the project aligns with the broader objectives of reducing carbon emissions and enhancing energy security in the region. This initiative not only reinforces Norsk Hydro's dedication to sustainability but also positions the company as a key player in the burgeoning wind energy sector in Scandinavia.