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Macquarie acquires 49.9% of shares in Hydro Rein for USD 332 million

Posted on by darion

Hydro Rein has established itself as a significant player in the renewable energy market. Source: Norsk Hydro ASA.

Australian global financial services group Macquarie Asset Management has completed its acquisition of a 49.9% stake in renewable energy provider Hydro Rein, a subsidiary of Hydro, for $332 million.

The strategic investment, first announced in October 2023, strengthens the renewable energy sector, particularly in the Nordic countries and Brazil.

Hydro Rein has established itself as a key player in the renewable energy market with expansion plans totaling 8.4 GW of gross capacity in its core markets.

The investment is managed by the Macquarie Green Energy and Climate Opportunities Fund, whose task is to finance projects contributing to the global transition to a low-emission economy.

The company has already made significant progress in obtaining long-term power purchase agreements totaling 5.3 TWh per year.

The agreements cover some of Hydro’s key industrial facilities, including the Alunorte alumina refinery, the Albras primary aluminum plant and the Paragominas bauxite mine.

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Hydro Rein collaborated with Telenor to co-develop a wind project to provide clean energy to the telecommunications giant’s operations in Norway.

Hydro President and CEO Eivind Kallevik stated: “We are thrilled to have completed the transaction, marking the next chapter in our renewable energy partnership with Macquarie Asset Management.

“Hydro Rein is well-positioned to implement its ambitious development program with a wide range of projects at its disposal.

“Industry decarbonization starts with renewable energy, and Hydro Rein will play an essential role in supporting Hydro, as well as other industries, with the energy needed to reduce CO₂ emissions.”