Hydro has signed two Memorandums of Understanding (MoUs) with the aim to develop two renewable power projects in Brazil.
Renewable energy is an important step towards a more sustainable future, and it is a key element in Hydro’s strategic agenda. These agreements are an important step for Hydro’s newly established Renewable Growth unit, which targets 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.
“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 demonstrate 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,” says Olivier Girardot, Head of Renewable Growth.
The partners will combine their experience within large-scale renewable energy projects with Hydro’s strong competence from the energy markets and bench strength in Brazil.
MoU with Scatec and Equinor for solar project in Brazil
Hydro has signed an MoU with Scatec and Equinor with the purpose to jointly develop a 480 MW solar power plant in Brazil. The MoU contemplates joint ownership and development of the project by the three parties and offtake of part of the power production by Hydro. A site for the project has already been secured by Scatec and Equinor in Rio Grande do Norte in Brazil. Subject to final agreement, the companies aim to reach an investment decision in 2021.
MoU with Green Investment Group (GIG) for combined wind and solar project in Brazil
Hydro has signed an MoU with Green Investment Group (GIG) with the purpose to jointly develop a combined wind and solar project with 620 MW installed capacity. GIG is a global specialist in green infrastructure principal investment, project delivery and the management of portfolio assets, and related services. The project will be located in Piauí/Pernambuco, in the northeast of Brazil. Subject to final agreement, the companies aim to reach an investment decision in 2021.