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Hydro Signs Long-Term Green Energy Contract

Norsk Hydro signs energy contract

The Norwegian aluminium producer Norsk Hydro ASA has concluded a power supply deal with a planned onshore wind farm Tonstad Vindpark AS for its wholly owned subsidiary Hydro Energi AS.

 

The owners of Tonstad Vindpark AS, France’s multinational electric utility company Engie, and Swiss investment manager SUSI Partners specialise in sustainable energy infrastructure.

 

Tonstad Vindpark AS will be based in southern Norway, and will have an installed capacity of 208 MW, and an estimated average production of 0.7 TWh annually. The plant will supply power to Norsk’s aluminium plants in Norway.

 

The energy contract will start in 2020 and run until 2045. Hydro stated: “Hydro Energi AS will purchase 100% of the actual output of the wind farm and will handle all balancing and nomination from the commissioning of the wind farm and for the duration of the power purchase contract.”

 

The deal is in line with Norsk’s last year’s investment in wind energy, when the company agreed to buy most of the electricity from an €800m wind farm in Sweden.

 

On the same day, Norway adopted a new power grid regime forcing big power consumers and producers to pay a premium for grid upgrades. Norsk warned that higher grid tariffs would represent a challenge for future investment opportunities.

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