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Aluminum June 25, 2024 09:00:30 PM

Hydro Announced New Chapter in Renewable Energy Partnership with Macquarie

Paul Ploumis
ScrapMonster Author
The remaining portion of the committed capital will be contributed over time.

Hydro Announced New Chapter in Renewable Energy Partnership with Macquarie

SEATTLE (Scrap Monster): Hydro has announced formal beginning to its renewable energy partnership with Macquarie. The company has completed the sale of 49.9% stake in renewable energy company Hydro Rein to Macquarie Asset Management. The transaction, announced in October last year, is considered as an important milestone in the company’s renewable energy growth strategy.

The gross capacity in development by Hydro Rein is estimated at around 8.4 gigawatts (GW), mainly across markets in the Nordics and Brazil. Since its launch in 2021, Hydro Rein has been developing strong industrial partnerships.

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Both Hydro and Macquarie have been partners on various renewable energy projects. Since 2017, the two companies have collaborated on several projects, resulting in development of approximately 1.3 GW of renewable energy capacity.

The transaction values Hydro Rein at $333 million as on 30th June, 2023, subject to closing conditions. At closing, Macquarie contributes $214 million of this amount, which will be transferred by 25th June, 2024. The remaining portion of the committed capital will be contributed over time.

Eivind Kallevik, President and CEO, Hydro expressed excitement in concluding the transaction, which he said marks the next chapter in its renewable energy partnership with Macquarie Asset Management.

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