Norsk Hydro unit to buy 80% stake in wind power projects

Credit: REUTERS/DADO RUVIC

Adds detail on project

COPENHAGEN, March 5 (Reuters) - Norsk Hydro's NHY.OL renewable energy unit Hydro Rein has agreed with Swedish renewables developer IOWN Energy to buy an 80% stake in a 2.4 gigawatt portfolio of planned wind power projects in Sweden and Norway, it said on Tuesday.

Hydro Rein and IOWN will enter a long-term partnership to jointly develop 23 projects in Sweden and two in Norway, which are spread across electricity price areas SE2, SE3, SE4 and NO2, Hydro said in a statement.

The two partners aim to make the first investments before 2030, Hydro said.

(Reporting by Louise Breusch Rasmussen, editing by Terje Solsvik)

((Louisebreusch.rasmussen@tr.com; +45 21 27 97 79;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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