Congratulations to Hydro and Lyse with the establishment of Lyse Kraft. The establishment of this new power giant marks a new chapter in Norwegian industrial history.
The merger between two central players in Norwegian Industry results in a new power giant with 9.5 TWh of renewable energy production in its portfolio, thus becoming Norway’s third largest provider. The merger creates a solid foundation for further development of key players within Norwegian Industry.
-We congratulate Hydro and Lyse with the establishment Lyse Kraft DA. This represents a new and important chapter in the history of the Norwegian Industry, says Haavind partner Aksel Tannum.
Haavind has assisted Hydro throughout the process, with interdisciplinary legal and strategic advice.
-This transaction provides Hydro with strategic access to renewable energy for Norwegian aluminum production in the coming decades, says Haavind partner Bjørn Olav Torpp.
-The energy sector is complex, but by using cross functional expertise from various departments in Haavind, we have contributed to find a good solution and facilitated the collaboration between Hydro and Lyse throughout the process, says Torpp.
Facts about the merger:
- Lyse and Hydro merge existing power plants in South-West Norway into a new company, where Hydro’s Røldal Suldal Kraft plant (RSK) is merged in with the majority of Lyse’s power portfolio.
- The new company will be called Lyse Kraft DA and will have a normal production of 9.5 TWh per annum, of which Hydro will own 25.6% and Lyse will own 74.4%.
- The agreement is expected to realize synergies for the new company, at an estimated worth of NOK 500 million in present value.(Source: Hydro)