Hydro Rein, Norsk Hydro's renewable energy unit, and Opplysningsvesenets fond (OVF), the state-owned Norwegian Church Endowment, have joined forces in a new solar power venture, Geisli Energi AS, for the development and production of renewable energy in Norway. Hydro Rein will hold 49.9% and OVF 50.1% of the new joint venture.
Hydro Rein will be responsible for project development and construction, and in the first phase, the new company will develop up to seven solar energy projects totaling 655 MW on selected properties owned by OVF. “The size of the solar power plants will vary from just under 20 MW to up to 100 MW,” the company says.
The next step in the collaboration is to conduct thorough investigations of suitable OVF properties and decide on priority areas. When the solar power plants are realized, this will facilitate community development and the establishment of new industry in areas that have had less access to power.
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OVF is one of Norway’s largest and oldest landowners. The fund owns several properties with good solar conditions located close to industry sites.
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