“Under this agreement, the industrial park will get a dedicated new owner with considerable experience in operating and developing this type of property. Hydro sees this as a very good solution for both parties and for the local community of Rjukan,” says Hydro’s chief financial officer, Jørgen C. Arentz Rostrup.

Rostrup adds that the entire process has been carried out in close dialog with the different stakeholders of the industrial park. Hydro has focused on finding a solution in the best interests of both the company and the local community.

Fearnley Finans Eiendom is one of Norway’s leading project brokerages, with broad experience and competence in its area of specialty. Rjukan Næringspark KS, which has now been established to operate and further develop the industrial park, is therefore well-positioned to strengthen the utilization of the industrial park at Rjukan, in cooperation with the municipality and other parties.

The agreement covers the 52.5-acre site and 34 buildings totaling 50,000 square meters of space. In addition, Hydro has entered into an agreement with municipality-owned power company Tinn Energi, which will purchase the electricity grid in the industrial park.

“We have reached an agreement that is good for Hydro, good for the new owner and, not least, good for the local community through the further development of the industrial park,” says Hydro’s Gudtorm Ervik, who has been responsible for the process. 

Hydro has a long history in Rjukan, including its hydropower system that represents about 30 percent of the company’s annual electricity production. Hydro is upgrading the hydropower system in Rjukan in a NOK 850 million project that will continue through 2015.