Norsk Hydro reveals major hydropower project [Yahoo! Finance]
NORSK HYDRO A S ADS (NHYDY)
NASDAQ:AMEX Investor Relations:
hydro.com/en/investor-relations
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Source: Yahoo! Finance
David-Wolfgang Ebener/dpa Norwegian aluminium and renewable energy company Norsk Hydro announced on Friday that it would be developing a major hydropower project, with operations expected to start in 2030. The construction of the Illvatn pumped storage power plant in Luster Municipality will begin in November. The firm said it would be its largest such project in Norway in more than 20 years. The project will incur a total investment of 2.5 billion Norwegian krone ($250 million), while Norsk Hydro's net investment after tax is estimated at 1.2 billion krone under Norway's cash flow tax scheme for the hydropower sector. The plant will add 107 GWh of annual renewable power which will be used for the company's aluminium production. Hydro stated that the Illvatn plant will pump water from the Fivlemyrane reservoir to the Illvatn reservoir, supported by a new tunnel and increased reservoir capacity through a lowered minimum water level. The company added that it will also con
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