Australian global financial services group Macquarie Asset Management has completed the acquisition of a 49.9% stake in renewable energy provider Hydro Rein, a subsidiary of Hydro, for $332m.

The strategic investment, first announced in October 2023, bolsters the renewable energy sector, particularly in the Nordics and Brazil.

Hydro Rein has established itself as a key player in the renewable energy market with a development pipeline totalling 8.4GW of gross capacity across its core markets.

The investment will be managed by the Macquarie Green Energy and Climate Opportunities Fund, which is dedicated to financing projects that contribute to the global transition to a low-carbon economy.

The company has already made significant strides in securing long-term power purchase agreements, which total 5.3TWh annually.

The agreements are with some of Hydro's key industrial operations, including the Alunorte alumina refinery, the Albras primary aluminium plant and the Paragominas bauxite mine.

Hydro Rein has collaborated with Telenor to co-develop a wind project that supplies clean energy to the telecommunications giant's operations in Norway.

Hydro president and CEO Eivind Kallevik stated: “We are excited to conclude the transaction, marking the next chapter in our renewable energy partnership with Macquarie Asset Management.

“Hydro Rein is well equipped to execute on its ambitious growth agenda, with a strong project pipeline going forward.

“Industrial decarbonisation begins with renewable energy and Hydro Rein will be instrumental in supporting Hydro as well as other industries with the energy we need to reduce our CO₂ emissions.”