Norsk Hydro Subsidiary Signs “World’s Longest” Corporate Wind Power Contract

Norsk Hydro ASA’s wholly-owned subsidiary Hydro Energi AS has signed today a 29-year deal with Green Investment Group in what is thought to be the longest corporate wind power contract in the world.

The agreement includes building a new wind farm in Sweden that will supply Norsk Hydro’s aluminium plants in Norway. Green Investement Group’s wind farm – part of Macquarie Group Limited – will provide an annual baseload supply of 0.3 TWh for the period 2021 to 2031, and 0.55 TWh for the period between 2031 and 2050.

Aluminium made by wind power: Hydro signs new long-term wind power contract for Norwegian aluminium portfolio @NorskHydroASA https://t.co/f2n9zGs7pj pic.twitter.com/DQpe2fn4DB

— Halvor Molland (@HalvorMolland) July 19, 2018

Arvid Moss, Executive Vice President for Energy in Norks Hydro, said:

“With this contract, we have over the last 2.5 years secured wind power contracts of approximately 4.5 terawatt hours annually from 2021 and onwards, complementing our captive and contract-based hydropower supplies.”

Globally, about 70 per cent of Norsk Hydro’s primary aluminium production is powered by renewable energy and the figure goes up to 100 per cent for its Norwegian portfolio. Commenting on Norsk Hydro’s sustainability credentials, Moss added:

“Using renewable energy in our aluminium production is a core strategy of Hydro, and the main reason for Hydro’s carbon footprint being among the lowest in the global aluminium industry.”

Earlier this month, Norsk Hydro signed another long-term green energy contract with the owners of Tonstad Vindpark AS, France’s multinational electric utility company Engie, and Swiss investment manager SUSI Partners. Moreover, Norsk Hydro has recently acquired 34 percent of Njordr – a business that was established in 2017 to develop onshore wind power projects in Sweden and Norway.