Norsk Hydro: Reorganization plan for Markbygden Ett AB approved in Umeå District Court
NORSK HYDRO A S ADS (NHYDY)
NASDAQ:AMEX Investor Relations:
hydro.com/en/investor-relations
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Source: GlobeNewswire
As part of the reorganization plan of Markbygden Ett AB, also supported by Hydro, Hydro has agreed to a settlement for the long-term power purchase agreement (PPA) with the company. In the settlement, Hydro is entitled to a compensation of up to EUR 248 million for its voluntary termination of the PPA. Hydro Energi AS signed a long-term PPA with Markbygden Ett AB in 2017 for an annual baseload supply of 1.65 TWh in the period 2021-2039. The contract was a key enabler for financing and developing the onshore wind park Markbygden, located west of Piteå, in northern Sweden. The park’s annual production was estimated to be 2.2 TWh. Due to significantly lower-than-expected production levels, Markbygden Ett AB has experienced financial challenges for several years. The wind park ceased power deliveries to Hydro on February 6, 2023 and entered into a company reorganization process in November 2023. As of third quarter 2024, non-delivered power since February 2023 amounts to 2.5 T
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