Sweden’s aluminium producer Norsk Hydro ASA said that its subsidiary Hydro Rein has established a joint venture with Norwegian real estate owner Opplysningsvesenets fond (Norwegian Church Endowment, or OVF) to develop seven solar power projects with a total capacity of 655 MW.
The joint venture, to be called Geisli Energy AS, will be 49.9 percent owned by Hydro Rein and the remainder by OVF. Hydro Rein will develop and construct the solar plants, and the projects will range in size between 20 MW and 100 MW. Annual production will start at about 330 GWh, with space available to increase later to 730 GWh.
Tor-Ove Horstad, Chief Commercial Officer (CCO) and Head of Hydro Rein in Norway said in a press release that the firm is looking forward to expanding its solar power operations.
“We are looking forward to stepping up Hydro Rein’s solar ambitions in Norway together with OVF. The two companies have a proud and long history in Norway, and are now joining together with the ambition of building solid projects in close dialogue with local communities and municipalities. We are excited to work towards our promise of developing more green energy to Norway and Norwegian industry.”
Ole-Wilhelm Meyer, CEO in Opplysningsvesenets fond, said the new agreement will hasten its move to sustainable power.
“OVF is already well established within hydropower through Clemens Kraft. Now we are also excited to develop solar power on OVFs properties and secure more renewable power for the green transition.”
“We are really excited about this partnership with Hydro Rein – a competent and solid industrial company with long roots in Norway. By developing solar power we are reinforcing OVF’s role in developing Norwegian regions while also doing our part to reach the climate goals,” Meyer continued.
The next step in the project will be for the parties to identify the land parcels that will be suitable for construction of the project. Hydro did not specify a timeline for the project.
