Energeia AS

M&A Activity • Nov 14, 2023

Energeia, Eidsiva and Hydro Rein has entered into a collaboration agreement on solar power development in Norway.

Energeia, Eidsiva and Hydro Rein has entered into a collaboration agreement on solar power development in Norway.

14 November 2023

Energeia, Eidsiva Vekst and Hydro Rein has signed a Collaboration agreement with the aim to develop utility-scale solar projects in selected areas in Norway.

In June 2023, the parties signed a Letter of Intent with the aim of exploring potential solar power projects in Norway and The Netherlands. Now, the three companies have formalized the cooperation and moved to the next stage.

The collaboration agreement entails a joint and exclusive project development partnership until 2028 for the selected areas in Norway.

“Joint development of utility scale solar PV power plants in a seamless partnership with Eidsiva and Hydro Rein strengthens the execution power to build new, unsubsidized, and cost-efficient renewable energy production in Norway. The partnership is based on shared future perspectives and values. The collaboration represents significant positive synergies for the Energeia group beyond the individual power plant,” says Viktor E Jakobsen, CEO Energeia group.”

“We at Eidsiva are happy to launch a partnership together with Energeia and Hydro Rein that ties together new Norwegian renewable energy with local industry and jobs. Eidsiva believes in creating new opportunities through providing critical infrastructure, and this agreement is a step to further strengthen our ability to deliver on this mission,“ says Executive Vice President Strategy and Growth in Eidsiva Petter Myrvold.

“We are happy to formalize our cooperation with Energeia and Eidsiva. This is an important step towards realizing utility-scale solar power projects in Norway. Energeia, Eidsiva and Hydro Rein are a good fit in terms of renewable energy competence, project development skills, and strong industrial heritage. We also share a common belief in integrating sustainability into the core of our projects. We will strive to develop solar projects that allow for a combination of power production and agricultural activities such as grazing on the same land,” says Tor-Ove Horstad, Chief Commercial Officer in Hydro Rein.

Contact persons:

CEO, Viktor Jakobsen, email: viktor@energeia.no and telephone: +47 916 11 009

Deputy CEO, Jarl Egil Markussen, email: jarl@energeia.no and telephone: +47 480 23 214

This information is subject to the disclosure requirements set out in the Norwegian Securities Trading Act § 5-12.