Norsk Hydro: Hydro invests NOK 1.2 billion to build Illvatn pumped storage power plant
NORSK HYDRO A S ADS (NHYDY)
NASDAQ:AMEX Investor Relations:
hydro.com/en/investor-relations
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Source: GlobeNewswire
Hydro has made the final investment decision for its largest hydropower development in over 20 years. Construction of the Illvatn pumped storage power plant in the Luster Municipality will begin this November, with operations expected to start in 2030. The new pumped storage plant in the Luster Municipality in Norway will provide 107 GWh of new annual renewable power production, dedicated to Hydro’s aluminium production. The gross investment amounts to NOK 2.5 billion. Through Norway’s cash flow tax scheme for hydropower investments, Hydro’s net investment after tax is estimated at NOK 1.2 billion. “Renewable energy has never been more important. We are now making the largest investment in our hydropower portfolio since the development of the New Tyin power plant in Årdal in 2004. The Illvatn pumped storage plant will contribute increased energy production, reservoir capacity, as well as installed power capacity from our facilities in Fortun. As we take this major step, our ambition
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