DWK Deutsche Wasserkraft signs memorandum of understanding (MoU) to construct hydropower plants with a total output of 100 gigawatt hours

• First step in building up an own portfolio of small hydropower plants completed
• MoU with Norwegian project developer OdelEnergy secures project rights to build small-scale hydropower projects with a total volume of 100 GWh in Norway as part of a broad partnership
• OdelEnergy will ensure, among other things, local and technical development and implementation of the projects / DWK will ensure, among other things, capital procurement and management

Hamburg, 12 February 2025 – DWK Deutsche Wasserkraft AG (‘DWK’, ISIN: DE000A2AAB74) has signed a memorandum of understanding (MoU) with OdelEnergy AS for the acquisition of project rights to develop and construct small-scale hydropower projects with a minimum total project volume of 100 GWh. This move sees DWK consolidate its strategic positioning in the field of hydropower, with a focus on small-scale run-of-river power plants.

Norwegian company OdelEnergy AS is a project developer and contractor for the development and construction of small-scale hydroelectric projects. The team consists of professionals with decades of experience spanning all phases of the development, construction and operation of small-scale hydropower plants and has been involved in hundreds of successful projects. DWK and OdelEnergy aim to combine their expertise through the partnership and jointly develop small-scale hydropower plants in Norway. OdelEnergy will offer DWK appropriate project rights for the realisation of a substantial project pipeline and will be responsible for the engineering, development and construction of these projects. In its role as investor, DWK will, among other things, provide the legal framework for project development and be responsible for the procurement of equity and debt capital in all project phases. The project financing volume to be realised over the next few years is expected to be around EUR 50 million in the first step and will comprise a volume of 100 GWh of power. In addition, both parties are aiming to realise further joint projects in the long term. These will also be small run-of-river power plants, which are to be distributed across different price zones in Norway and will exploit natural gradients. This type of power plant is characterised by low volatility of generation. Although the amount of water used fluctuates seasonally, electricity can be generated around the clock, in contrast to wind or PV/solar energy.

Jan Erik Schulien, CEO of DWK: ‘The cooperation with OdelEnergy is an important step for the further development of our company. With OdelEnergy, we have a professional partner at our side to establish small-scale hydropower projects in Norway. We benefit from OdelEnergy's expertise in project development and construction, while we can contribute our many years of know-how in the management and financing of hydropower projects. In this way, we are creating synergies and tapping into previously untapped potential to further advance the development of hydropower as a sustainable source of electricity in Europe.’

About DWK Deutsche Wasserkraft AG

DWK Deutsche Wasserkraft AG is a German-Norwegian energy company focusing on hydropower. It focuses on the development, acquisition and management of small-hydro run-of-river power plants in Europe, primarily in Norway, and is the first listed company of its kind in this field. With hydropower, DWK relies on an energy source that is characterised by a unique combination of high environmental compatibility and maximum efficiency and energy yield over the entire life cycle. The company has a management team with many years of expertise in the hydropower industry.
 

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