Hydro Rein

What Hydro Rein does

Hydro Rein AS is a Norwegian renewable energy developer established in 2021 as a joint venture between Norsk Hydro (50.1%) and Macquarie Asset Management (49.9%). The company develops, owns, and operates utility-scale wind, solar PV, and battery storage assets in the Nordics and Brazil, supplying energy-intensive industrial customers primarily through long-duration power purchase agreements (PPAs) typically spanning 10-20 years. Its operating and contracted portfolio includes the 531 MW Mendubim solar complex (60% offtake to Alunorte), the 438 MW Boa Sorte solar complex (Albras PPA), the 260 MW Stor-Skälsjön wind farm (Telenor and Hydro Extrusion Sweden PPAs), and the 456 MW Ventos de São Zacarias wind complex in Brazil.

The business model combines utility-scale asset ownership (long-tail PPA recurring revenue) with a project development pipeline of more than 60 projects targeting 3 GW of gross renewable capacity by 2026. A behind-the-meter Energy Solutions unit providing rooftop solar, battery storage, and efficiency services was divested to Global Green Asset Management in January 2026 as part of a USD 12 million annual cost reduction program. The proprietary Rein Hub cloud platform provides unified real-time monitoring, visualization, and reporting across the asset base, serving as a digital backbone rather than a standalone AI product.

Hydro Rein employs approximately 70-100 staff across Norway, Sweden, the Netherlands, Slovakia, and Brazil, with offices in Oslo (HQ), Rio de Janeiro, Stockholm, and The Hague. In 2024 the company delivered 2.3 GW of new renewable capacity to Brazil's grid — over 20% of the country's total renewable additions that year — making it one of the most active utility-scale renewables developers in its chosen geographies. Leadership transitioned through 2025-2026 from CEO Olivier Girardot to interim CEO/CFO Astrid Martinsen and then to Peter Tornberg (ex-OX2, Vattenfall), effective March 2026.

Name

Hydro Rein

Legal name

Hydro Rein AS

Website

https://hydrorein.com

Company type

Private

Founded year

2021

Operating status

Operating

Short description

Hydro Rein is a Norwegian renewable energy developer (Norsk Hydro 50.1% / Macquarie Asset Management 49.9%) that develops, owns, and operates utility-scale wind, solar, and battery storage assets in the Nordics and Brazil, supplying industrial customers via long-term PPAs.

Ownership category

akta.pro rank

Product category

Industrial Renewable Energy Services

NAICS

Electric Power Generation (22111), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Repowering, Life Extension & Upgrades (Retrofits, Controls/Software, Uprates) (EUAMAGAN)

akta.pro secondary industry

Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI)

Keywords

• Renewable energy development
• Power purchase agreements
• Industrial solar projects
• Onshore wind power
• Battery storage systems

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Power Purchase Agreements (PPAs): Long-term power purchase agreements with industrial customers providing renewable energy supply. PPAs typically span 10-20 years and secure annual energy supply to aluminum refineries and smelters.
2. Renewable Energy Asset Ownership: Develops, owns, and operates wind, solar, and battery storage projects. Revenue generated from energy sales to industrial customers and power markets.
3. Energy Solutions Services: Behind-the-meter energy solutions including rooftop solar, battery storage, energy efficiency upgrades, and energy management services. Provided through Energy-as-a-Service (EaaS) model with financing by Hydro Rein.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels5 records

Core offering

Hydro Rein develops, finances, owns, and operates utility-scale renewable energy assets — including solar PV, onshore wind, and battery storage — and supplies the generated electricity to energy-intensive industrial customers through long-term Power Purchase Agreements (PPAs). The company also offers behind-the-meter Energy Solutions (solar, storage, energy efficiency, and advisory services) and a proprietary Rein Hub digital platform for real-time energy monitoring and optimization. Note: the Energy Solutions unit was divested to Global Green Asset Management in January 2026.

Product overview

Hydro Rein is a renewable energy company offering a unified platform combining large-scale renewable energy project development with digital intelligence through its proprietary Rein Hub platform. The core offering includes developing, owning, and operating wind, solar, and battery storage projects across the Nordics and Brazil. Hydro Rein's portfolio spans over 60 projects including operating assets like the Mendubim (531 MW) and Boa Sorte (438 MW) solar complexes in Brazil, the Stor-Skälsjön (260 MW) wind farm in Sweden, and development pipelines including the IOWN Energy wind portfolio (2.4 GW) and Geisli Energi solar projects (650 MW). Supporting the project development business, Hydro Rein offers Energy Solutions services including energy efficiency, onsite energy generation, energy storage, energy analytics via Rein Hub, and advisory services—enabling industrial customers to optimize energy consumption and reduce carbon footprints. Note: The Energy Solutions business unit was divested to Global Green Asset Management in January 2026. Rein Hub serves as the digital backbone, providing real-time monitoring, visualizations, and actionable insights across all energy solutions.

Differentiator

Problem solved

Functional benefit

Products and services

• Long-term Power Purchase Agreements (PPAs) Long-term (10–20 year) contracts under which Hydro Rein supplies utility-scale renewable electricity generated from its solar, wind, and storage assets to industrial offtakers in the Nordics and Brazil. Customers include aluminum refineries, smelters, extrusion facilities, and telecom operators.
• Utility-scale Solar PV Project Development Develops, finances, owns, and operates utility-scale solar PV projects (ground-mounted and rooftop) producing hundreds of MW for industrial and PPA customers. Examples include Mendubim (531 MW) and Boa Sorte (438 MW) solar complexes in Brazil and Geisli Energi (650 MW) solar pipeline in Norway.
• Onshore Wind Project Development Develops, finances, owns, and operates large-scale onshore wind farms. Operating examples include Stor-Skälsjön wind farm in Sweden (260 MW, 42 turbines, delivering to Telenor and Hydro Extrusion Sweden under PPAs) and the 456 MW Ventos de São Zacarias complex in Brazil; the 2.4 GW IOWN Energy partnership provides further pipeline.
• Battery Energy Storage Systems Behind-the-meter and front-of-meter battery energy storage systems providing flexibility for demand management, energy arbitrage, ancillary services, cost avoidance, and backup power at industrial customer sites.
• Rein Hub Digital Platform Proprietary cloud-based digital platform that connects customer solar, wind, storage and energy efficiency installations under one interface. Rein Hub collects and organizes data from installed assets, provides real-time monitoring, visualizations, customizable energy reports, and tracks cost and emissions performance to support optimization and Scope 2 reporting.

Quantifiable outcome

• 2.3 GW of new renewable capacity added to Brazil's grid in 2024
• +5 more outcomes

Named customers6 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Ten partnerships are on record, tiered core, major and minor.

• ScateccoreStrategic or Co-development Partner · 1 January 2022Joint development partner for Mendubim solar complex in Rio Grande do Norte, Brazil. Scatec collaborated with Hydro Rein, Equinor, and Alunorte on this 531 MW solar project comprising 13 solar projects.
• EquinorcoreStrategic or Co-development Partner · 1 January 2022Partner in Mendubim solar complex development. Jointly developed the 531 MW solar project with Scatec, Hydro Rein, and Alunorte.
• Atlas Renewable EnergycoreStrategic or Co-development Partner · 1 January 2022International renewable energy company with solid track record in Latin America. Partnered with Hydro Rein on Boa Sorte (438 MW) and Vista Alegre solar complexes in Minas Gerais, Brazil.
• EoluscoreStrategic or Co-development PartnerSwedish renewable energy developer. Co-developed Stor-Skälsjön wind farm (260 MW, 42 turbines) with Hydro Rein in Sundsvall and Timrå municipalities, Sweden.
• MEAGmajorStrategic or Co-development PartnerCo-owner of Stor-Skälsjön wind farm alongside Hydro Rein. German asset manager specializing in renewable energy investments.
• IOWN EnergycoreStrategic or Co-development PartnerSwedish-owned renewable energy company with operations in Nordics and US. Partnership to co-develop 2.4 GW wind power portfolio (25 projects) in Sweden and Norway. Hydro Rein holds 80% ownership, IOWN holds 20%.
• Fritzøe EnergimajorStrategic or Co-development PartnerNorwegian energy company (Treschow-Fritzøe group) developing wind and solar on Fritzøe Skoger properties spanning three counties and seven municipalities. Combined 300 years of industrial experience. Active in hydropower since 1886.
• Geisli EnergimajorStrategic or Co-development PartnerJoint solar company (49.9% Hydro Rein, 50.1% OVF/Allstad) developing seven solar projects totaling 650 MW at selected properties in Norway by 2029.
• Årdal EnergiminorStrategic or Co-development PartnerMunicipally-owned energy company (Årdal kommune) exploring renewable energy solutions to strengthen existing industry and attract new industrial investments in Årdal green industry cluster.
• Hydro EnergicoreChannel Partner/ Reseller/ DistributorIntra-group partnership for PPA agreements. Hydro Energi provides power purchase agreements to customers, sourcing from Hydro Rein's renewable assets like Stor-Skälsjön wind farm.

Scale indicators12 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• European Energy: Danish renewable energy developer with global operations in solar, wind, and Power-to-X across Europe, US, Latin America, and Australia. Comparable as a project developer/owner focused on industrial decarbonization and renewable PPAs.
• OX2: Swedish renewable energy developer focused on onshore and offshore wind and solar across the Nordics and Europe. Closely comparable in geographic focus, technology mix, and large-scale project development approach; Hydro Rein's incoming CEO Peter Tornberg previously held senior roles at OX2.
• Arise: Swedish onshore wind power developer with project pipeline across the Nordics. Comparable as a Nordic wind/solar-focused developer with a similar project ownership and PPA-driven business model.
• Scatec: Norwegian renewable energy developer with strong solar focus in emerging markets (Africa, Asia, Latin America). Comparable as a Nordic renewable developer serving industrial customers; Hydro Rein co-developed the Mendubim solar complex with Scatec.
• Eolus Vind: Swedish wind power developer and project developer with operations in the Nordics, US, and Baltic region. Comparable as a Nordics-focused wind developer; Hydro Rein co-developed the Stor-Skälsjön wind farm with Eolus.
• Cloudberry Clean Energy: Norwegian renewable energy developer focused on hydro, wind, and solar projects in the Nordics. Comparable as a Nordic-domiciled, project-based renewable developer serving industrial and commercial customers.

Broad incumbents

• Statkraft: Europe's largest renewable energy generator, state-owned Norwegian utility with operations across hydro, wind, solar, and grid services. Directly comparable as a Nordic-headquartered independent renewable power producer (IPP) selling to industrial off-takers.
• Iberdrola Renovables: Global renewable energy major with significant wind and solar footprint across Europe, US, Brazil, and Australia. Iberdrola Brasil is a major player in the Brazilian market directly comparable to Hydro Rein's Brazilian scale and energy mix.
• Engie Brasil: Brazilian subsidiary of global utility Engie operating generation, transmission, and distribution assets with growing renewable portfolio. Comparable as a large-scale renewable energy producer in Brazil competing for industrial PPAs and renewable capacity additions.

Regional players

• Atlas Renewable Energy: US- and Latin America-focused renewable energy company with solar development across Brazil, Mexico, Chile, and other LatAm markets. Comparable as a regional renewable developer in Brazil; Hydro Rein co-developed the Boa Sorte solar complex with Atlas.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/hydrorein

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hydro Rein