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Metals group Hydro buys 2.4GW Nordic portfolio

RICHARD HEAP

March 5, 2024

Norwegian metals group Hydro has agreed to buy an 80% stake in a 2.4GW portfolio of development-stage wind farms in Sweden and Norway from IOWN Energy.

Hydro is buying the majority stakes in the projects through its renewables arm Hydro Rein, with IOWN set to retain 20%. Twenty-three of the projects are in Sweden, and the other two are in Norway.

Olivier Girardot, chief executive of Hydro Rein, said: “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.”

Richard Larsson, head of IOWN in the Nordics, said: “We are convinced that the extensive electrification of society ahead of us requires strong collaborations between various actors contributing their expertise to the projects. Hydro Rein has an ownership perspective that we value and share. Hydro Rein’s strong connection to power intensive industries, combined with IOWN’s expertise in land based, wind power project development, is an alliance for the future of renewable power production.”

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