Aluminium company Hydro has acquired 34% of Njordr, a company set up to develop onshore wind power projects in Norway and Sweden.
“The energy sector is going through rapid changes, and the energy supply side is changing fast with wind and solar power development. For Hydro’s total value chain, this gives opportunities, both when it comes to cost, risk mitigation and reduction of CO2 footprint,” says Tor-Ove Horstad, the head of Commercial in Hydro’s Energy business area.
Horstad says that the acquisition, which is of limited financial magnitude, is motivated by the need to understand the interplay between technology, own operational needs, markets, policies and financing.
“We believe this is a good strategic and commercial business opportunity; one that will give us valuable organizational learning, and potentially serve as basis for future business opportunities,” says Horstad.
Established in 2017, Njordr aims to develop wind power projects, all the way from licensing to financial close, including land-lease, agreements with turbine producers and other commercial agreements, operations and maintenance agreements, and sale to investors.