Metals giant Hydro in gigascale wind power swoop across Norway and Sweden - Recharge
Metals giant Hydro in gigascale wind power swoop across Norway and Sweden | Recharge
Aluminium giant Hydro further boosted its growing renewables portfolio by taking an 80% stake in a 2.4GW portfolio of wind projects in Sweden and Norway.
The Norwegian metals group bought the stake in the 23-project portfolio from developer IOWN, which will keep the remaining fifth and act as a long-term partner to Hydro.
Financial terms were not disclosed for the deal, which was made via the group’s Hydro Rein renewables subsidiary.
Related Knowledge Center: ENERGY BASICS: hydropower
Hydropower — electricity generated by turbines capturing energy from moving water — was for many years the primary contributor of renewable energy to the U.S. electricity grid. Its growth was rapid into the 1970s, and since then has offered a stable supply of power, while a declining share of all generation. For many years, hydropower was seen as clean energy and an unalloyed good, but a greater understanding of the impact of dams on ecosystems and wildlife has led to the removal of some dams. As of 2019, hydropower trails wind as a renewable source of power generation.