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Macquarie buys 49.9% of Hydro Rein for $332m

RICHARD HEAP

June 24, 2024

Macquarie Asset Management has concluded the acquisition of a 49.9% stake in the Norwegian renewables developer Hydro Rein for $332m.

The deal was announced in October 2023. Hydro Rein has 8.4GW of projects in development across its core markets of the Nordics and Brazil.

Macquarie is investing via its Green Energy & Climate Opportunities Fund, and the deal is set to help Hydro Rein funds its pipeline of projects in development and construction.

Hydro Rein was established as a subsidiary of Norwegian metals business Hydro, which is set to retain a 50.1% stake following the deal.

Mark Dooley, global head of green investments at Macquarie said: “Decarbonising 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 decarbonisation 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.”

Eivind Kallevik, president and chief executive of Hydro, said: “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.”

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