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.
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 Hydro.com 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.
Martine Rambøl Hagen
+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.
AttachmentTo view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml-eu.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.
Subscribe to releases from GlobeNewswire by notified
Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from GlobeNewswire by notified
Indberetning af ledende medarbejdere og disses nærtståendes transaktioner med Bavarian Nordic aktier og tilknyttede værdipapirer30.11.2023 21:00:00 CET | pressemeddelelse
KØBENHAVN, Danmark, 30. november 2023 – Bavarian Nordic A/S (OMX: BAVA) har dags dato modtaget oplysninger om følgende transaktioner med selskabets aktie/tilknyttede værdipapirer, foretaget af ledende medarbejdere og/eller personer/firmaer der er nærtstående til disse. 1.Nærmere oplysninger om personen med ledelsesansvar/personen med nær tilknytning til dennea)NavnHenrik Juuel2.Årsag til indberetningena)Stilling/titelExecutive Vice President og Chief Financial Officer i Bavarian Nordic A/Sb)Første indberetning/ændringFørste indberetning3.Nærmere oplysninger om udstederen, deltageren på markedet for emissionskvoter, auktionsplatformen, auktionsholderen eller den auktionstilsynsførendea)NavnBavarian Nordic A/Sb)LEI-kode2138006JCDVYIN6INP514.Nærmere oplysninger om transaktionen/transaktionerne: gentages for i) hver type instrument, ii) hver type transaktion, iii) hver dato og iv) hvert sted, hvor der er udført transaktionera)Beskrivelse af det finansielle instrument, instrumenttypen Ident
Report of transactions of shares and related securities of Bavarian Nordic by persons holding managerial responsibilities and/or persons/companies closely associated with such30.11.2023 21:00:00 CET | Press release
COPENHAGEN, Denmark, November 30, 2023 – Bavarian Nordic A/S (OMX: BAVA) has today received information about the following transactions of the company’s shares/related securities by persons holding managerial responsibilities and/or persons/companies closely associated with such. 1.Details of the person discharging managerial responsibilities/person closely associateda)NameHenrik Juuel2.Reason for the notificationa)Position/statusExecutive Vice President and Chief Financial Officer of Bavarian Nordic A/Sb)Initial notification/AmendmentInitial notification3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitora)NameBavarian Nordic A/Sb)LEI2138006JCDVYIN6INP514.Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducteda)Description of the financial instrument, type of instrument Identification codeS
BW Ideol AS – End of Offer Period for the recommended voluntary offer by BW Sirocco Holdings AS, and final level of acceptances of the offer30.11.2023 19:51:43 CET | Press release
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, INTO OR WITHIN THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, SOUTH AFRICA, HONG KONG, JAPAN OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR WOULD REQUIRE REGISTRATION OR OTHER MEASURES Oslo, 30 November 2023 - Reference is made to the announcement made by BW Sirocco Holdings AS (the "Offeror) on 9 November 2023 regarding a recommended voluntary offer to acquire all the issued and outstanding shares (the "Shares") in BW Ideol AS ("BW Ideol" or the "Company"), not already held by the Initiating Shareholders (as defined in the Offer Document), at an offer price of NOK 12 per Share (the "Offer Price"), to be settled in cash or shares in the Offeror (the "Offer"), as further described in the combined offer document and national prospectus (the "Offer Document"), the announcement on 14 November regarding the publication of the Offer Document and commencement of
Ensurge Micropower ASA - Approval and publication of prospectus; commencement of subscription period in Subsequent Offering30.11.2023 19:32:57 CET | Press release
Reference is made to the stock exchange announcement published on 18 October 2023 by Ensurge Micropower ASA ("Ensurge" or the "Company"), regarding the successful placement of new shares, through an allocation of 122,846,875 new shares in Tranche 1 (the "Tranche 1 Shares") and an allocation of 352,153,125 new shares in Tranche 2 (the "Tranche 2 Shares"), as well as a possible subsequent repair offering raising up to NOK 12.5 million through the offering of up to 125,000,000 shares (the "Offer Shares") on similar terms as the private placement (the "Subsequent Offering"). As stated in the stock exchange announcement on 18 October 2023, the Subsequent Offering and the trading of the Tranche 2 Shares remained subject to approval of a prospectus by the Financial Supervisory Authority of Norway. Further reference is made to the Extraordinary General Meeting held on 10 November 2023 approving the issuance of the Tranche 2 Shares and the Subsequent Offering. The Financial Supervisory Authorit
Acronis Named a Leader in the IDC MarketScape: Worldwide Cyber-Recovery 2023 Vendor Assessment30.11.2023 18:59:51 CET | Press release
BURLINGTON, Mass., Nov. 30, 2023 (GLOBE NEWSWIRE) -- Acronis, the global leader in cyber protection, today announced it had been identified as a Leader in the IDC MarketScape: Worldwide Cyber Recovery 2023 Vendor Assessment (doc #US49787923, November 2023). This is the first IDC MarketScape report about cyber recovery which illustrates the growing importance of both proactive defense and reactive recovery within an organization’s ability to deal with cyberattacks. The IDC MarketScape report cites Acronis’ key offerings, including a single agent that simplifies deployment and enables unique integration capabilities as well as integrated end-point protection. “Acronis was one of the first data protection vendors to identify and target the cyber recovery marketplace nearly five years ago and to rearchitect their solution specifically for cyber recovery,” the IDC MarketScape noted. Additionally, when referencing the company’s fundraising efforts in the past couple of years, the IDC MarketS