Hydro Rein, the renewable energy arm of Hydro, has agreed with Swedish renewable energy developer IOWN Energy to acquire an 80% stake in a 2.4GW wind power projects portfolio in Sweden and Norway.

The portfolio comprises 25 wind projects, 23 in Sweden and the remaining two in Norway.

The projects are in varying stages of development and distributed across the electricity price areas SE2, SE3, SE4 and NO2.

Hydro Rein and IOWN will enter a long-term partnership to co-develop these projects.

Ownership will be divided, with Hydro Rein holding an 80% stake and the remaining 20% stake owned by IOWN.

Hydro Rein head Olivier Girardot stated: “We are pleased to join forces with IOWN and secure a large portfolio of wind power projects in Sweden and Norway. The transaction is in line with Hydro Rein’s strategy of focusing on early phase projects in our core markets.

“IOWN has a competent team with extensive experience from wind power development in the Nordics, which will complement Hydro Rein well.”

Projects that are part of the deal have already seen a significant number of land lease agreements signed.

Hydro Rein and IOWN will work in close collaboration to further the development of the projects, engaging in dialogue with host municipalities, landowners and local communities.

The partners have set an ambitious goal to make the first investments in the projects before the year 2030.

The projects will have an annual production capacity of 7.6 terawatt hours (TWh).

Both Sweden and Norway are actively pursuing the expansion of renewable energy sources.

Sweden has set a goal for its electricity to be completely generated from fossil-free sources by 2040, while Norway’s Energy Commission has recommended a target of 40TWh of new power production by 2030.