Hydro Rein and OVF Partner for 655 MW Solar Power Push in Norway

Norwegian energy company Hydro Rein and longstanding landowner Opplysningsvesenets fond (OVF) are embarking on a significant venture in the burgeoning Norwegian solar sector. Through the establishment of Geisli Energi AS, a joint solar power enterprise, the partners are set to foster the development of seven solar projects with a combined capacity of 655 MW across select properties in Norway.

Hydro Rein will hold a 49.9% stake in the new company, while OVF will have a majority ownership of 50.1% . The responsibilities for project conception and solar power plant construction will rest with Hydro Rein. The projects’ scale will vary, ranging from 20 MW to potentially 100 MW, culminating in an estimated annual energy production of 330 GWh. Additionally, there is potential for an extra 400 GWh annually.

OVF, a prominent and well-established landowner in Norway, is known for its hydropower involvement through Clemens Kraft. With this collaboration, OVF will now broaden its renewable energy portfolio to include solar power on its property holdings. The partnership aims to strategically select locations for these solar projects, contributing to local development and supplying clean energy to regions with limited power access.

The collaboration is a significant step for Hydro Rein’s renewable growth efforts in the Nordic region. Beyond this joint venture, Hydro Rein is concurrently engaged in six early-stage solar power projects in Sweden and Denmark. Moreover, the company has an active role in the advancement of two sizable solar power initiatives in Brazil, in addition to other industrial-focused energy solutions such as solar panels on factory premises.

The partnership underscores both companies’ commitment to bolstering sustainable energy production, local community engagement, and aligning with climate objectives. As a collective effort, it signifies a substantial stride towards Norway’s transition to greener energy sources.