Hydro Rein will acquire the portfolio that comprises 23 wind power projects in Sweden and two in Norway, all in the early phase of development, and will work together with IOWN to advance the development of the projects
The portfolio comprises 23 wind power projects in Sweden and two in Norway. (Credit: Norsk Hydro ASA)
Hydro Rein, a unit of Norwegian renewable energy company Hydro, has agreed to acquire Swedish renewable energy developer IOWN Energy’s 80% stake in a 2.4GW wind portfolio.
The portfolio comprises 23 wind power projects in Sweden and two in Norway, all in the early phase of development, with a significant number of land lease agreements already signed.
Under the terms of the agreement, Hydro Rein will acquire 80% of the portfolio, while IOWN will retain the remaining 20%, and the two companies will establish a long-term partnership.
Hydro Rein and IOWN will work together to advance the development of the projects, in close relation with host municipalities, landowners, and local communities.
The projects can produce up to 7.6TWh of clean energy each year, contributing significantly to decarbonizing the industry and improving the power balance in Sweden and Norway.
Hydro Rein head Olivier Girardot said: “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 in wind power development in the Nordics, which will complement H
“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.”
Sweden aims to source 100% of its electricity entirely from fossil-free sources by 2040, and Norway targets 40TWh of new power production by 2030.
Hydro Rein is currently developing 1,050MW of renewable energy projects in Sweden and has about 700MW of renewable energy portfolio.
The company, in partnership with Eolus, is developing the 260MW Stor-Skälsjön project, which is nearing completion and preparing to enter the operations phase.
IOWN operates in the Nordics and the US, building, developing, and managing renewable energy projects, including large-scale wind power, solar power, and energy storage in batteries.
IOWN Nordics head Richard Larsson said: “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.”