Hydro Rein, a subsidiary of Hydro, has acquired an 80% stake in a 2.4GW wind portfolio previously owned by IOWN Energy. The portfolio involves 23 wind farm projects in Sweden and two in Norway.
The projects have already acquired several land lease agreements and continue to be in early development phases. The remaining 20% stake in the initiatives will remain under IOWN's ownership, with both companies working in a partnership to deliver these power plants.
Combined, the 25 wind farms will be able to produce up to 7.6TWh of renewable energy every year.
For more information on renewables projects in Europe, please visit EICDataStream.