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Regulatory press release

AFG: Building new flood diversion

AF Gruppen
Hydro Energi AS has announced its intention to enter into a contract with AF
Gruppen for the construction of the Valldalen dam and flood diversion project.
The agreement has an estimated value of NOK 200 million excluding VAT.

Dam Valldalen is located in Ullensvang municipality and dams up the Valldal
reservoir, the largest reservoir for the Røldal power plant. Hydro is now
upgrading Dam Valldalen to address climate change and increased flooding. AF
Gruppen will carry out the construction work.

At Dam Valldalen, the existing concrete spillway will be demolished. A new
concrete dam with a bottom outlet gate (new spillway with outlet gate) will be
built to replace the demolished concrete spillway. The side channel for
floodwater will be expanded by blasting, and a new flood tunnel will be
established/blasted in addition to the existing flood shaft/tunnel. To
accommodate the expansion of the side channel, the road passing the spillway
will need to be relocated further into the terrain.

Work is scheduled to start in April 2025 and be completed in June 2026.

"AF Gruppen is pleased to have been chosen by Hydro to build the new flood
diversion. The project fits well with our capacity and expertise in tunnels,
concrete, and hydropower. AF looks forward to strong cooperation with Hydro,"
says Geir Flåta, EVP Civil Engineering at AF Gruppen.


For further information:
Geir Flåta, EVP Civil Engineering, tel. +47 99 40 15 10
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