Hydro will establish a separate company called Hydro REIN to provide renewable energy solutions for more sustainable industries. The company aims to help Hydro and other industrial clients succeed with their energy transition.
“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,” said Hydro’s President and CEO, Hilde Merete Aasheim.
This separate unit will create several positions, in areas such as project development, technology, legal and sustainability.
“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,” said 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.”
“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.”
Hydro REIN targets investments in renewables projects of at least 1 Gigawatt capacity on a 100 percent basis in 2021. “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).”
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