Europe’s leading aluminium maker Hydro Rein and Commerz Real have entered into an agreement on forming a joint venture to acquire and develop two early phase solar projects in Jylland in Denmark. Construction is expected to commence in 2024, with production starting in early 2026. The ambition is to grow the portfolio to 1 GW.The joint venture will be owned 50/50 by Commerz Real and Hydro Rein. The seller is the Danish developer GreenGo Energy, who will continue to develop the projects until the start of operations. The projects have an estimated peak capacity of 170 MW and 192 MW, respectively, and a total annual production of 412 GWh.Hydro Rein and Commerz Real have a common ambition to grow the portfolio up to 1 GW. By forming a joint venture, the partners will be able to leverage their complementary capabilities with extensive experience from renewable investments and a strong industrial presence in the Nordic power market.Hydro Rein is a leading provider of renewable energy solutions to industrials, fully owned by the global renewable energy and aluminium company Hydro. Hydro Rein has a diversified portfolio of 16 projects under development in core markets in the Nordics and Brazil. The company has an ambition of 3GW in construction or operation (gross) by 2026, leveraging on a unique customer offering and Hydro’s century-long track record in building industries that matter.Commerz Real is the asset manager for real asset investments of German Commerzbank Group and has over 50 years of international market experience. GreenGo Energy was founded in 2011 with the vision to accelerate conversion to renewable energy generation, by an innovative and scalable business model. GreenGo Energy has more than 6.5GWp of solar and storage projects in various stages of development and construction in selected US states and Northern Europe, of which more than 1.7GWp has achieved full cycle financing through partnership agreements with tier 1 investors in the renewable space.