Hydro Rein Partners with IOWN Energy for Large-Scale Wind Power Projects in Sweden and Norway

Hydro Rein Partners with IOWN Energy for Large-Scale Wind Power Projects in Sweden and Norway

(IN BRIEF) Hydro Rein, Hydro’s renewable growth venture, has struck a deal with Swedish renewable energy developer IOWN Energy to acquire an 80 percent stake in a 2.4 GW portfolio of wind power projects in Sweden and Norway. The partnership aims to co-develop these projects, focusing on early-phase development in close collaboration with local stakeholders. With an ambition to make initial investments before 2030, the projects have the potential to annually produce up to 7.6 TWh, significantly contributing to industry decarbonization and bolstering the power balance in both countries. Emphasizing sustainable practices and local involvement, Hydro Rein and IOWN envision a future of renewable power production aligned with societal electrification goals in Sweden and Norway.

(PRESS RELEASE) OSLO, 6-Mar-2024 — /EuropaWire/ — The portfolio consists of 23 projects 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 ownership split 80 percent to Hydro Rein and 20 percent to IOWN.

The projects 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. 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,” says Olivier Girardot, Head of Hydro Rein.

Helping industries decarbonize

“The industry needs more power. With this project portfolio, Hydro Rein will contribute to the electrification of existing industry as well as the development of new green industries, both in Sweden and Norway. We are strengthening our role as a leading supplier of renewable energy solutions for more sustainable industries,” says Girardot.

These projects have a potential annual production of up to 7.6 TWh, contributing significantly to decarbonizing the industry and improving the power balance in Sweden and Norway.

“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. We at IOWN are very proud and pleased to collaborate with Hydro Rein,” says Richard Larsson, Head of IOWN in the Nordics.

Sweden and Norway both recognize the need for new, renewable energy sources. Sweden aims for 100 percent of its electricity to be entirely sourced from fossil free sources by 2040. Similarly, Norway’s Energy Commission has recommended a target of 40 TWh of new power production by 2030.

Hydro Rein is currently developing 1,050 MW of renewable energy projects in Sweden. Stor-Skälsjön, a 260 MW project developed jointly by Hydro Rein and Eolus, is nearing completion and preparing to enter the operations phase. In Norway, Hydro Rein has a renewable energy portfolio of about 700 MW.

IOWN runs businesses in the Nordics and the U.S. with extensive project development, construction, and management of renewable energy projects that include large-scale and land based wind power, solar power, and energy storage in batteries.

Sustainability and local involvement

Hydro Rein and IOWN are committed to sustainable development practices, prioritizing minimal impact on nature and aiming for zero net-loss of vulnerable ecosystems. This commitment extends to careful project planning, biodiversity consideration, and landscape integration, alongside restoration efforts where impacts are unavoidable.

The companies emphasize strong dialogue with municipalities and local communities throughout the development process, aspiring to be long-term owners of the projects.

About Hydro Rein

Hydro Rein is a leading provider of renewable energy solutions to industrials, established by the global renewable energy and aluminium company Hydro in 2021. Hydro Rein has a diversified portfolio of more than 40 renewable energy and energy efficiency projects under development in core markets in the Nordics and Brazil.

About IOWN

IOWN is a Swedish-owned corporate group in renewable energy with operations in the USA, Sweden, and Norway. By linking development expertise and financing with renewable energy projects, alliances are built between landowners, project developers, investors, and local communities. IOWN works with wind power, solar power, and energy storage.

Media Contact:

Anders Berg-Hansen
Head of Communication & Public Affairs, Hydro Rein
anders.berg-hansen@hydro.com
+47 922 83 178

SOURCE: Norsk Hydro ASA