The parties will now initiate a broad and open dialogue with politicians, local communities, interest groups, businesses and experts. The partnership is still in an early phase, and no concrete areas or projects have yet been decided. The companies would like to initiate a mapping to find the opportunities which can meet the growing power need in the region.

"By utilizing natural resources, we have contributed to regional business development and jobs throughout generations. Meanwhile, new technology and market opportunities have enabled further development of Treschow-Fritzøe. The increasing demand for renewable energy in our region fits well with our ambition to actively participate in the management and development of renewable power with a basis in our properties," says Michael Stang Treschow, owner and chairman of Treschow Fritzøe.

"Hydro has harvested renewable power to enable industry and viable local communities for more than 120 years. Now we are excited to explore the opportunities to provide more power for local industry development together with a solid partner in Fritzøe Energi," says Tor-Ove Horstad, Head of Hydro Rein in Norway.

Combination of solar power and onshore wind

Fritzøe Skoger is one of Norway's largest properties, stretching across three counties and seven municipalities. The parties will look closer at opportunities and potential for both solar power and onshore wind power in the region. The work is in early-phase, and the mapping will be conducted in close and open dialogue with municipalities, local communities and interest groups.

"The businesses in this region have big ambitions and opportunities, but then they need more power and grid capacity. We want to resolve the growing regional power need while ensuring local value creation," says Horstad.

As a principle, Hydro Rein and Fritzøe Energi will develop renewable energy projects with the lowest possible impact on nature. The parties will work to ensure co-existence between existing forestry and potential new renewable energy production.

Can resolve bottlenecks in the region

The companies have a mutual ambition to develop solid projects which are anchored locally. This will be important to solve short- and long-term bottlenecks for the power situation in the region. Through new local power development we can secure industrial development and new jobs.

Hydro Rein is a leading provider of renewable energy solutions to industrials, established by Hydro in 2021. Hydro Rein has 80 employees and a diversified portfolio of more than 60 renewable energy and energy efficiency projects under development in core markets in the Nordics and Brazil.

In the fall of 2023, Hydro announced a partnerships with Macquarie Asset Management relating to the future acquisition of 49.9 percent of Hydro Rein. Hydro will still own 50.1 percent of the company.

Fritzøe Energi has been active in the hydropower business since 1886. Fritzøe Energi is recently re-established as a business area in the Treschow-Fritzøe group.

Fritzøe Energi is engaged in hydropower and district heating in Larvik, but the company also has long-term plans for the development and production of green energy. The property of more than 700,000 acres is well-suited for potential solar and wind power projects, centrally located close to key infrastructure and energy markets.

Published: 13 May 2024

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Norsk Hydro ASA published this content on 13 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 May 2024 09:07:02 UTC.