Equinor on March 8 said the 531-megawatt Mendubim solar plant in Brazil has started operations, lifting its equity power production in the country by 30%.
Operated as a joint venture between Equinor, Hydro Rein and Scatec, the solar plant will produce 1.2 terawatt hours of power annually. Alumina supplier Alunorte will purchase about 60% of the power produced at the plant, while the rest will be sold in Brazil’s power market, Equinor said in a news release.
“Equinor has conducted business in Brazil for over two decades, and we see the country as a core area for long-term profitable growth,” said Olav Kolbeinstveit, senior vice president for onshore and markets within renewables at Equinor. “By investing in renewable energy, we are supporting Brazil’s ambitions towards a diverse energy mix and helping to meet the expected power demand growth in the country.”
The solar plant is expected to deliver real base returns in the middle of Equinor’s guided range for renewables of between 4% to 8%, the company said.
Equinor, Hydro Rein and Scatec each hold a 30% interest in the project. Alunorte holds the remaining 10%.
Recommended Reading
CGG to Change Name to Viridien
2024-05-17 - The company’s new ticker symbol will be “VIRI” and listed on Euronext Paris, effective May 21.
Sector’s Appetite for Capital Remains Amid Consolidation Frenzy, Panelists Say
2024-05-17 - There’s still an appetite for capital in the oil and gas sector—companies just need to think creatively to find it, a number of panelists said during SUPER DUG in Fort Worth, Texas.
SilverBow Resets Shareholder Meeting After $2.1B Crescent Deal
2024-05-16 - SilverBow Resources said it will adjourn its May 21 shareholders’ meeting until May 29 following Crescent Energy’s agreement to buy the Eagle Ford operator.
Blue Racer Midstream Prices Senior Notes Offering
2024-05-15 - Net proceeds from the sale of senior notes will be used to pay off debt and other general corporate purposes.
Petrobras CEO Prates to Step Down
2024-05-15 - Brazil’s President Luiz Inácio Lula da Silva has requested that Petrobras CEO Jean Paul Prates resign following a dispute over dividend payments.