Norway's Norsk Hydro agrees payout to end Cloud Snurran contract [Yahoo! Finance]
NORSK HYDRO A S ADS (NHYDY)
NASDAQ:AMEX Investor Relations:
hydro.com/en/investor-relations
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Source: Yahoo! Finance
wind farm operator Cloud Snurran, including compensation of up to €90 million ($105 million). Hydro Energy, a unit of Norsk Hydro, signed a long-term PPA with Cloud Snurran in 2018 for an annual baseload supply of 300 GWh during the period 2020-2030 and 550 GWh during 2031-2049. Due to financial challenges, Cloud Snurran has not been able to deliver the required volumes according to the PPA since November 2024. On July 17, 2024, Svea Court of Appeal had granted Cloud Snurran's application for reorganization. The reorganization process has now been concluded and, as part of the final settlement, Hydro agreed to voluntarily terminate the PPA. The compensation sum includes compensation for non-delivered volumes and future power deliveries. The settlement is expected to be effective during July 2025.
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