Energeia AS

M&A Activity • Jun 16, 2023

Energeia AS: Energeia and Eidsiva enter cooperation with Hydro Rein on solar project development

Energeia AS: Energeia and Eidsiva enter cooperation with Hydro Rein on solar project development

16 June 2023

Energeia and Eidsiva Vekst have signed a Letter of Intent (LoI) with Hydro Rein, Norsk Hydro’s dedicated company for renewables development, to jointly cooperate on developing utility scale solar park projects in Norway and the Netherlands.

“For Energeia, with our focus on development, construction and operation of solar PV power plants in Norway and in the Netherlands, a cooperation on such development and joint asset ownership with Hydro Rein represents significant positive synergies for the Energeia group beyond the individual power plant. A cooperation further strengthens Energeia’s project development and ownership for the long-term, based on shared future perspectives and values with Hydro Rein,” says Viktor E Jakobsen, CEO Energeia group.

“Eidsiva is happy to expand our position within solar power, through the cooperation with both Hydro Rein and Energeia. We believe this agreement further strengthens our efforts in developing new renewable energy, catering to the needs of both local communities and industry”, says Executive Vice President Strategy and Growth in Eidsiva Petter Myrvold.

“We are looking forward to cooperating with Energeia and Eidsiva on solar project development in Norway and the Netherlands. Together, we can help our industrial clients decarbonize through providing more clean energy. For Hydro Rein, we are excited about Energeia’s “Agrivoltaics” efforts which allows for a combination of agricultural activities such as grazing on the same land used by solar power plants,” says Tor-Ove Horstad, Chief Commercial Officer in Hydro Rein.

For further information, please contact:

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

About Hydro Rein

Hydro Rein is a leading provider of renewable energy solutions to industrials, fully owned by the global renewable energy and aluminium company Hydro. Hydro Rein has a diversified portfolio of 24 projects under development in core markets in the Nordics and Brazil. The company has an ambition of 3GW in construction or operation (gross) by 2026, leveraging on a unique customer offering and Hydro’s century-long track record in building industries that matter.

About Eidsiva

As a leading energy and telecom group, Eidsiva’s renewable energy and infrastructure keeps the lights on, turns waste into heated water for buildings and provides reliable and fast data connections for businesses and homes. Eidsiva’s 43.5 % stake in Hafslund Eco Vannkraft (Norway’s second-largest hydropower producer) further underlines the group’s commitment as a major contributor to a green transition in Norway.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.