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11 DECEMBER 2020 AL CIRCLE

Hydro signs MoUs with Scatec, Equinor and Green Investment Group for wind and solar project in Brazil

EDITED BY : HEENA IQBAL 2MINS READ

Hydro has inked Memorandum of Understanding (MoUs) for the development of  two renewable projects in Brazil. The companies target to reach an investment decision in 2021. 

Hydro has signed an agreement with Scatec and Equinor for 480 MW solar power plant in Brazil. This solar project will be located in Rio Grande do Norte in Brazil.

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“The MoU contemplates joint ownership and development of the project by the three parties and offtake of part of the power production by Hydro.”  

In addition to this, the company has signed a MoU with Green Investment Group (GIG), to develop a combined wind and solar project with 620 MW installed capacity. The project will be located in Piauí/Pernambuco, northeast in Brazil.

These agreements are an important step for Hydro’s newly established Renewable Growth unit. It aims to offer competitive renewable power to Hydro’s industrial assets by taking equity and operator positions in wind, solar and hydropower projects in Brazil and the Nordics.  

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“Hydro aims to lower the CO2 footprint from the company’s operations by 30 percent by 2030, and most of the reduction will come from its operations in Brazil. To reach that target, sufficient access to renewable energy is fundamental. These projects demonstrates our resolve to partner with industry leaders to develop a substantial and balanced portfolio of renewable projects that Hydro can source from in the near future,” said Olivier Girardot, Head of Renewable Growth.  


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EDITED BY : HEENA IQBAL 2MINS READ

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