Macquarie Asset Management acquires 49.9% stake in Hydro Rein
Hydro, an aluminium and renewable energy company, announced that it had completed the transaction to sell 49.9% of Hydro Rein to Macquarie Asset Management.
Hydro Rein, now established as a joint venture, provides renewable energy solutions.
In a press release, Hydro said that the transaction values Hydro Rein at $333 million.
It added that the funds will be transferred by June 25, 2024. The remaining part of the committed capital will be contributed over time as needed.
Eivind Kallevik, Hydro’s President and CEO, said, “We are excited to conclude the transaction, marking the next chapter in our renewable energy partnership with Macquarie Asset Management. Hydro Rein is well equipped to execute its ambitious growth agenda, with a strong project pipeline going forward.”
With the capital provided by Macquarie, Hydro Rein is anticipated to be fully funded for its ongoing projects and the development costs of future projects in the pipeline. The aim is to avoid calling for new equity from the owners beyond the already committed capital.
Read more: Sol Systems secures $85 million debt investment from Macquarie for solar projects
Hydro and Macquarie have maintained a longstanding partnership in renewable energy, collaborating on various projects since 2017. Together, they have developed 1.3 GW of renewable energy capacity, including several wind projects across the Nordics and a 456 MW onshore wind farm in Brazil.
Mark Dooley, Global Head of Green Investments at Macquarie Asset Management, said, “I look forward to joining forces once again with Hydro, combining our capabilities to unlock a greener future for the industry and the communities and markets it serves.”
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