In a significant move within the renewable energy sector, Norwegian-based aluminium and renewable energy developer, Norsk Hydro, has recently announced its partnership with Macquarie Asset Management to create a joint venture (JV) focused on the development of renewable energy projects.
Under the terms of this agreement, Macquarie Asset Management will establish the JV in collaboration with Hydro's renewable energy subsidiary, Hydro Rein. The partnership will see Hydro retaining a majority ownership stake of 50.1%, with Macquarie holding the remaining 49.9%. This partnership will be facilitated through Macquarie's investment of $332 million (Nkr3.7 billion).
The infusion of capital from Macquarie will serve as a crucial financial resource for Hydro Rein, enabling the funding of ongoing projects currently in development and further expanding its project pipeline in the years to come.
This partnership, which has been forged over several years, underscores the growing collaboration between Hydro Rein and Macquarie. The transaction is set to conclude in the second quarter of 2024, marking a significant step forward in the pursuit of renewable energy initiatives.
