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Norsk Hydro: Hydro Rein and Macquarie Asset Management become partners to develop more renewable energy for industries


Macquarie Asset Management has signed an agreement with Hydro relating to the future acquisition of 49.9 percent of Hydro’s renewable energy company Hydro Rein.

Through the agreement, Hydro and Macquarie Asset Management will form a joint venture (JV) where Hydro will own the remaining 50.1 percent of the company. Macquarie Asset Management intends to invest equity of USD 332 million to obtain a 49.9 percent ownership of Hydro Rein. The transaction values Hydro Rein at USD 333 million, per June 30, 2023. With the capital provided by Macquarie Asset Management, Hydro Rein is expected to be fully funded for its current projects under construction and development cost for projects in the pipeline in the coming years, with an ambition to become self-funded.

The transaction is a further demonstration of the successful and complementary partnership that Hydro Rein and Macquarie Asset Management have built over many years. The two companies are currently partners in a large-scale onshore wind farm which is under construction in the northeast of Brazil. Through Power Purchase Agreements (PPAs), the project will supply electricity to Hydro’s bauxite mine, Paragominas, and its alumina refinery, Alunorte. Hydro and Macquarie have also worked together on wind farm projects in Sweden in 2017 and 2018, contributing to the development of the Nordic market for long-term PPAs.

“This transaction marks an important milestone for the execution of Hydro’s strategy to grow in renewable energy. We launched Hydro’s renewables ambitions through Hydro Rein less than three years ago. In a short time, the company has built a solid and impressive portfolio of renewable energy projects. All of these will be key contributors to reducing CO2 emissions for Hydro and other industries,” says President and CEO Hilde Merete Aasheim.  

“We are excited to enter the next chapter of Hydro’s transition to net-zero together with a solid partner in Macquarie Asset Management. We believe their commercial strength and leading expertise in global renewable project development will complement Hydro Rein and accelerate the company’s ambitions to decarbonize industries,” says Aasheim. 

Three years of renewable growth in Hydro Rein

Since it launched in 2021, Hydro Rein has built a significant portfolio of renewable energy projects and contracts with industrial off-takers.

The current 6.9 GW portfolio pipeline in the joint venture (gross capacity) consists of renewable energy projects from projects under construction to projects in early-stage development in the Nordics and Brazil. Hydro Rein’s captive share in the four projects under construction will be 1.7 TWh.  

Long term PPAs for a total of 5.3 TWh annually have been signed with Hydro’s alumina refinery Alunorte, the Albras primary aluminum plant (joint venture between Hydro and Nippon Amazon Aluminium Co. Ltd.), Hydro’s bauxite mine Paragominas and telecommunications company Telenor. 

Four of Hydro Rein’s projects are expected to be completed within the end of 2024.

In addition to wind and solar projects, Hydro Rein is working on energy solutions projects such as battery storage, energy efficiency, and onsite generation in Europe and North America. A total of 30 Hydro sites are currently within scope of the pipeline and leads, and pilot projects have been carried out in Canada, Germany, Sweden and Norway.

Hydro Rein currently has 75 employees and offices in Oslo, Rio de Janeiro and The Hague.

Assets included in the joint venture

All of Hydro Rein’s assets in Brazil, Denmark and Sweden, and all energy solutions projects, will be included in the joint venture. Hydro Rein’s projects in Norway will also be included in the joint venture, except for potential onshore wind projects located in the regions close to Hydro’s smelters, such as Snøheia Industrikraft. These projects will continue to be developed and owned by Hydro together with local partners. Hydro Rein’s organization will support Hydro in developing these projects through service agreements.  

Transaction details

The transaction is subject to standard regulatory approvals and transaction terms required by both sides. This includes several conditions precedents (CPs) on both Hydro and Macquarie Asset Management which need to be satisfied, including related to funding of the transaction. Subject to satisfaction, closing of the transaction is expected in second quarter 2024.

Invitation to investor call

Executive Vice President Energy, Arvid Moss will provide further details on the transaction in the third quarter presentation today at 08:30 CEST (06:30 GMT). Questions regarding the transaction can be asked in the Q&A following the presentation. Please refer to for webcast page.

ABG Sundal Collier ASA and Nordea Bank Abp, filial i Norge are financial advisors to Hydro, and Advokatfirmaet Haavind AS is legal advisor to Hydro.

Investor contact:
Martine Rambøl Hagen
+47 91708918

Media contact:
Anders Vindegg
+47 938 64 271

Certain statements included in this announcement contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Hydro management concerning plans, objectives and strategies, such as planned expansions, investments, divestments, curtailments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Hydro's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar. Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty.  

Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream businesses; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Hydro's key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Except where required by law, Hydro disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  


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