Hydro Rein, a venture by Hydro focusing on renewable growth, has announced its acquisition of an 80 percent stake in a significant wind power portfolio in Sweden and Norway. The agreement, formed with the Swedish renewable energy developer IOWN Energy, encompasses 25 projects with a combined capacity of 2.4 GW.
The portfolio, spanning 23 projects in Sweden and two in Norway, is strategically spread across key electricity price areas, presenting an opportunity for substantial contributions to the renewable energy sector in both countries. With a long-term partnership established between Hydro Rein and IOWN, the two companies aim to co-develop these projects, with ownership primarily vested in Hydro Rein.
Emphasizing their commitment to sustainable development practices, Hydro Rein and IOWN pledge to engage in careful project planning, biodiversity consideration, and landscape integration, with a focus on minimal environmental impact and strong dialogue with local communities and municipalities.
Olivier Girardot, Head of Hydro Rein, expressed excitement about the collaboration, highlighting the potential of these projects to significantly contribute to decarbonizing industries and improving the power balance in Sweden and Norway. Richard Larsson, Head of IOWN in the Nordics, echoed Girardot's sentiments, emphasizing the importance of strong collaborations in advancing renewable power production.
With Sweden and Norway both acknowledging the necessity of embracing new, renewable energy sources, initiatives like these underscore the region's commitment to sustainability and energy transition. Hydro Rein and IOWN Energy's collaboration represents a stride towards achieving these goals while fostering local involvement and sustainable practices in the development of renewable energy projects.
Source: hydro.com