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Norsk Hydro ASA and Agder Energi Sign LoI to Establish Jointly Owned Company to Develop Otra Assets; Norsk Hydro Signs Extension of Project Management Agreement with Agder Energi


Friday, 27 Sep 2013 02:01am EDT 

Norsk Hydro ASA (Hydro) announced that it has signed a Letter of Intent (LoI) with Agder Energi for the possible establishment of a jointly owned company to operate and further develop their combined assets in the Otra River, southern Norway, where Hydro recently acquired the Vigelands Brug hydropower plant. The LoI is conditional on a proposed adjustment of the Industrial Concession Act to enable private entities the possibility to organize an ownership share in a company with liability (ANS/DA). This will enable private entities to take out profit in the form of power rather than restricting it to financial remuneration, which is important to Hydro as a fully integrated aluminum company active throughout the value chain from bauxite to finished products. Should it materialize, Hydro would own less than one-third of the envisaged jointly owned company (DA), which would satisfy the legal requirements regarding public control and be comparable to Hydro owning one-third in a private limited company. In addition, Hydro and Agder have signed an agreement regarding project management support. Hydro's Projects unit has provided project management resources and systems to Agder Energi since summer of 2012 to execute the Iveland 2 project. This cooperation has now been extended through a Collaboration Agreement to cover all of Agder Energi's major hydropower projects, lasting for several years. 

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