“As part of Hydro’s strategic direction of strengthening our position in low-carbon aluminium and exploring new growth opportunities, we launched a separate unit last year called Renewable Growth. As we have now matured this initiative further, we are strengthening the organization, setting it up as a separate company and naming it Hydro REIN,” says Hydro’s President and CEO, Hilde Merete Aasheim.
Renewable energy for the industry
Hydro REIN will be set up as a separate company to offer renewable energy solutions for more sustainable industries. The company’s goal is to help Hydro and other industrial clients succeed with their energy transition.
“We will facilitate access to affordable renewable power, sourced from our portfolio of hydro, solar and wind projects in Brazil and the Nordics. We will also provide industrial-scale solutions to improve energy efficiency, reduce emissions and cut costs,” says Olivier Girardot, Head of Hydro REIN.
“The name REIN stems from the Norwegian word ‘pure’ and symbolizes that we are here to make a difference. We want to make renewable energy work for the industry,” says Girardot.
This week, Hydro REIN is launching several open positions, in areas such as project development, technology, legal and sustainability.
“We are building a diverse team, with the expertise and resolve to develop projects, services and solutions that make a difference for our clients and the societies they are part of. We have an ambitious and exciting journey ahead of us,” says Girardot.
Evaluating external capital raise
Already in 2021, Hydro REIN is targeting investments in renewables projects of at least 1 Gigawatt capacity on a 100 percent basis. Projects will mainly be matured in partnerships, and Hydro REIN has already entered two memorandums of understanding for projects in Brazil: with Green Investment Group (wind and solar), and with Scatec and Equinor (solar).
As communicated at Hydro’s capital markets day in December 2020, Hydro is evaluating to raise external capital and pursue a separate stock listing for Hydro REIN. Hydro will revert with more information and further timeline at its quarterly results presentation on April 27.