Hydro Establishes Hydro REIN
Hydro’s unit for developing new renewable projects and solutions is changing its name to Hydro REIN and launching a recruitment campaign. This will strengthen the organization ahead of a potential capital raise. Hydro’s President and CEO Hilde Merete Aasheim said “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.”
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.
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).