Macquarie, Norsk Hydro JV Boosts Renewable Energy Portfolio

Jun 24, 2024 06:40 PM ET
  • Macquarie Infrastructure and Real Assets Core Ltd secures 49.9% stake in Norsk Hydro ASA's renewable energy business for USD 333 million, boosting Hydro Rein's project portfolio and growth potential.
Macquarie, Norsk Hydro JV Boosts Renewable Energy Portfolio

Macquarie Infrastructure and Real Assets Core Ltd has acquired a 49.9% stake in the renewable energy business of Norwegian aluminium supplier Norsk Hydro ASA for USD 333 million. The deal, which was agreed upon last October, will see Macquarie contribute USD 214 million to the vendor by June 25, with the remaining amount to be paid over time. Following the transaction, Hydro Rein will operate as a joint venture, with Hydro Energi retaining a 50.1% stake.

Hydro Rein has a gross project portfolio of 8.4 GW in development across the Nordics and Brazil, with assets in Brazil, Denmark, and Sweden included in the JV. The funds from the deal will support Hydro Rein's projects under construction and development, as well as those in its pipeline for the future. Hydro's president and CEO, Eivind Kallevik, expressed confidence in Hydro Rein's ability to execute its growth agenda with a strong project pipeline moving forward.

What are the details of Macquarie's acquisition of Hydro Rein's renewable energy business?

  • Macquarie Infrastructure and Real Assets Core Ltd acquired a 49.9% stake in the renewable energy business of Norsk Hydro ASA for USD 333 million
  • Macquarie will contribute USD 214 million to the vendor by June 25, with the remaining amount to be paid over time
  • Hydro Rein will operate as a joint venture, with Hydro Energi retaining a 50.1% stake
  • Hydro Rein has a gross project portfolio of 8.4 GW in development across the Nordics and Brazil
  • Assets in Brazil, Denmark, and Sweden are included in the joint venture
  • The funds from the deal will support Hydro Rein's projects under construction and development, as well as those in its pipeline for the future
  • Hydro's president and CEO, Eivind Kallevik, expressed confidence in Hydro Rein's ability to execute its growth agenda with a strong project pipeline moving forward.

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