Hydro Rein and Norwegian landowner Opplysningsvesenets Fund (OVF) are forming a cooperative solar power firm. The partners intend to build seven solar projects totalling 655 MW on chosen Norwegian lands. Geisli Energi AS, Hydro Rein, and OVF have formed a new business to enter the fast-expanding Norwegian solar sector. Hydro Rein will control 49.9 per cent of the new firm, while OVF will possess 50.1 per cent.
The partnership's next step will be to undertake extensive inspections of OVF assets and decide on prioritised locations. The completion of the solar power plants will allow for local growth and new green electricity to industry in places that have previously had limited access to power. Establishing the new solar firm marks a milestone in Hydro Rein's sustainable development path in the Nordics.
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"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," said Tor-Ove Horstad, Chief Commercial Officer (CCO) and Head of Hydro Rein in Norway.
Hydro Rein will oversee project development and solar power plant construction. The projects will range from 20 MW to 100 MW, totalling 655 MW. The annual output is expected to be 330 GWh, with an extra 400 GWh possible yearly. OVF is one of the biggest and oldest landowners in Norway. The firm has multiple properties near industrial areas that have excellent solar conditions. The parties have begun the process of selecting particular sites for the projects.
"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. 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," said Ole-Wilhelm Meyer, CEO of Opplysningsvesenets fond.
As previously stated, Hydro Rein is building six early-stage solar power projects in Sweden and Denmark. Hydro Rein is involved in building two huge solar power plants in Brazil. Furthermore, the organisation works on many projects, including energy solutions for industrial clients. Solar panels atop factory roofs and within industrial locations are examples of this.
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