Hydro has signed two Memorandums of Understanding 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. 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.
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.
Hydro has signed an MoU with Green Investment Group 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.