Macquarie Invest USD 332M in Hydro's Renewables

Oct 24, 2023 02:56 PM ET
  • Macquarie Asset Management and Norsk Hydro ASA just announced a joint venture worth USD 332 million to develop 6.9 GW of renewable projects across three countries. Check out the details on this innovative partnership and its expected impact.
Macquarie Invest USD 332M in Hydro's Renewables

Macquarie Asset Management has acquired a 49.9% stake in the renewable energy business of Norwegian aluminium supplier Norsk Hydro ASA for USD 332 million. The two companies will form a joint venture (JV) with a 6.9-GW gross portfolio of renewable projects across Brazil, Denmark, and Sweden, with Norsk Hydro keeping some Norwegian onshore wind projects near its smelters. The deal is expected to provide additional funds for project construction and developments in the coming years. The transaction is subject to regulatory clearance and is anticipated to be finalised in Q2 2024. The companies already have an existing partnership in Brazil and the Nordic markets with power off-take deals.

What Is the Impact of Macquarie's Acquisition of Norsk Hydro's Renewable Energy Business?

  • The acquisition will enable Macquarie to increase its renewable energy investments in the region.
  • The JV will provide access to a 6.9-GW gross portfolio of renewable projects across Brazil, Denmark, and Sweden.
  • Norsk Hydro will keep some Norwegian onshore wind projects near its smelters.
  • The transaction is expected to provide additional funds for project construction and developments in the coming years.
  • The deal will provide Macquarie with the opportunity to expand its operations in the renewable energy sector.
  • The partnership will enable Macquarie and Norsk Hydro to leverage existing power off-take deals in the region.
  • The acquisition is subject to regulatory clearance and is anticipated to be finalized in Q2 2024.
Tags:

489


SOLAR DIRECTORY
Solar Installers, Manufacturers