Aker Horizons, Nordkraft establish venture to develop industrial sites in Norway

Aker Horizons ASA, through subsidiary Aker Narvik AS, entered into a joint venture with Nordkraft AS to develop infrastructure for power-intensive industries in northern Norway to establish a green industrial hub.

The joint venture will develop roads and other common infrastructure in the Narvik region, including water supply, fiber access and grid infrastructure, Aker Horizons said in an April 25 news release. The venture will start acquiring Nordkraft's rights to sites at Kvandal, Fjellbu, Balsfjord, Korgen and Straumsmo.

Aker Narvik will own an 80% stake in the venture, and Nordkraft will hold the remaining 20%. The agreement is expected to close by Sept. 30.

"Northern Norway, and the Narvik region in particular, offers highly attractive opportunities for decarbonizing power-intensive industries, using the area's renewable energy surplus," Aker Horizons CEO Kristian Røkke said in the news release.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.