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Independent renewable power producer Scatec has signed a memorandum of understanding (MoU) with Equinor and Hydro for the development of a solar power plant with 480MW capacity in Brazil.
Renewable power producer Scatec has signed a memorandum of understanding (MoU) with Equinor and Hydro for the development of a solar power plant with 480MW capacity in Brazil.
The plant will be developed at a site located in Rio Grande do Norte secured by Scatec and Equinor.
The latest MoU between the companies will provide a framework to realise the project at the site.
Scatec project development and project finance executive vice-president Terje Pilskog said: “We are pleased to partner with Hydro and Equinor, and believe this will be a fruitful collaboration.
“We all have mutual interests in cooperating and developing this solar project, combining Scatec and Equinor’s experience within large-scale renewable energy projects with Hydro’s strong competence from the energy markets and their demand for clean and cost efficient power in Brazil.”
Scatec and Equinor have jointly developed a portfolio of projects in Brazil. They currently have a 162MW solar plant in operation.
With the signing of the MoU, the three companies will jointly own and develop the project , with Hydro offtaking part of the production.
Subject to final agreement, the companies intend to make an investment decision next year.
Hydro Energy Renewable Growth head Olivier Girardot said: “Hydro aims to lower the CO₂ footprint from our operations by 30% by 2030, and most of the reduction will come from Brazil. To reach that target, sufficient access to renewable energy is fundamental.
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Find out more“This project 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.”
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