Norsk Hydro’s renewable energy unit Hydro Rein has exited the partnership with Equinor and RWE in the competition to develop a large-scale, bottom-fixed offshore wind farm in the Sørlige Nordsjø II area in the Norwegian North Sea.
The trio signed a collaboration agreement for offshore wind in Norway in May 2021 and has since been maturing and preparing to jointly submit a thorough application for the upcoming prequalification round.
Hydro Rein said the decision to pull out of the project has been made based on an overall assessment of the opportunities in its portfolio and capital allocation priorities.
The company has developed a significant portfolio of onshore wind and solar projects in the Nordics and Brazil, with 1.7 GW of projects in construction and a growing pipeline currently comprising 5 GW of projects at various stages of development.
“This has been a tough decision to make. It has been great working with Equinor and RWE on this project and we believe they remain the best players to develop Sørlige Nordsjø II. However, in this phase of Hydro Rein’s growth, we need to prioritise other projects in our pipeline,” said Olivier Girardot, head of Hydro Rein.
The authorities have been informed of Hydro Rein’s decision and the change will not affect Equinor and RWE’s application towards the prequalification deadline in September.
