- Cadre will manage 335 GWh and will invest in new and existing small-scale hydropower throughout Norway
- Small-scale hydropower plants in Norway generate an average combined production of just under 13 TWh of power annually
- Cadre’s target is to produce 2 TWh within a few years
HitecVision announced it has made an investment in Norwegian small-scale hydropower company Cadre, alongside Nordkraft. Cadre will be developed into a larger owner, developer and buyer of hydropower plants.
Small-scale hydropower plants in Norway generate an average combined production of just under 13 TWh of power annually. Cadre’s target is to produce 2 TWh within a few years.
The small-scale hydropower industry in Norway is fragmented with many Norwegian landowners possessing large potential power resources but unable to finance, plan or implement development of their resources, according to HitecVision.
“The need for rapid development of more renewable power is obvious,” said Eirik Frantzen, CEO of Nordkraft. “Even Norway is experiencing a new era, with both an increase in power demand and extreme prices. This provides an important backdrop for Cadre’s growth plans in small-scale hydropower. For Nordkraft, this opportunity is unique. Together with Cadre, we can grow within operatorship.”
“We will invest in existing small-scale hydropower plants, and together with landowners throughout the country build new ones,” said Carl-Fredrik Lehland, CEO of Cadre.
HitecVision is based in Stavanger and invests in the European energy sector. It invests in growth companies across oil and gas and renewable energy. A typical equity investment from the firm is between $150 million and $500 million.
Nordkraft, based in Nordland and Troms, is a developer and operator of power plants. The company operates 45 hydropower plants in Norway.
Cadre is headquartered in Kristiansand.