The Rio Grande do Norte solar plant will be jointly developed by the three companies. Credit: Scatec Solar.

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.

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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.

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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.

“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.”