Macquarie to Buy Half of Hydro’s Green Unit for $332 Million (1)

Macquarie Asset Management will buy 49.9% of Norsk Hydro ASA’s renewable energy business for $332 million, a deal that will help complete funding for the Norwegian company’s pipeline of wind and solar projects.

The Australian bank will become a joint-venture partner in Hydro Rein in the second quarter of next year, Hydro said on Tuesday. The firm had been looking for external funding for more than two years, and initially planned to list the unit.

The deal will provide a crucial cash injection just as the renewables industry has been hit by a surge in raw material and financing ...