With this new company Geisli Energi AS, Hydro Rein and OVF are joining the rapidly growing Norwegian solar industry. The new company will be owned 49.9 percent by Hydro Rein and 50.1 percent by OVF. Hydro Rein will be responsible for project development and construction of the solar power plants. The size of the projects will vary from 20 MW to potentially 100 MW, totaling 655 MW. Annual production is estimated to be 330 GWh, with a potential for an additional 400 GWh per year.
OVF is one of Norway’s largest and oldest landowners. The fund owns several properties with good solar conditions located close to industry sites. The parties have started the work on choosing specific locations for the projects.
“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,” says Tor-Ove Horstad, Chief Commercial Officer (CCO) and Head of Hydro Rein in Norway.
Next step in the partnership is to conduct thorough assessments of OVFs properties and decide on prioritized areas. Completion of the solar power plants will enable local development and new green power to industry in areas which have had less access to 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,” says Ole-Wilhelm Meyer, CEO in Opplysningsvesenets fond.
“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,” says Meyer.
The new solar company is a milestone for Hydro Rein’s renewable growth journey in the Nordics. As previously announced, Hydro Rein is working on developing a total of six early phase solar power projects in Sweden and Denmark. In Brazil, Hydro Rein is participating in the development of two large solar power projects. In addition, the company has several projects related to energy solutions for industrial customers. This includes solar panels on factory rooftops and inside industrial sites.
Hydro Rein is a leading provider of renewable energy solutions to industrials, fully owned by the global renewable energy and aluminium company Hydro. Hydro Rein has a diversified portfolio of 26 projects under development in core markets in the Nordics and Brazil. The company has an ambition of 3GW in construction or operation (gross) by 2026, leveraging on a unique customer offering and Hydro’s century long track record in building industries that matter.
The Norwegian Church Endowment (OVF) was established in 1821 and manages property that historically has been linked to the parishes in Norway. For 200 years, OVF has contributed to developing local communities throughout Norway, as one of the country's largest landowners. OVF is a wholly owned state fund. Through the spring of 2023, a review of OVF's property portfolio has identified properties that could be suitable for the development of solar power.
Published: August 15, 2023
