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The Mendubim Solar Project of 531MW by Equinor in Brazil Has Reached the Final Investment Decision Point.
Scatec, Hydro Rein, and Equinor have formed a partnership to develop Mendubim, a solar park in the Brazilian state of Rio Grande do Norte that will soon supply solar energy to more than 600,000 homes.
The Engineering, Procurement, and Construction (EPC) services will be jointly provided by the three partners, each holding 33.3% of the total project.
Scatec and Equinor will be responsible for the operation and maintenance of the plant, as well as asset management.
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The first large-scale solar project by Equinor in Brazil, the 162MW Apodi solar plant (photo) was completed in 2018 in collaboration with Scatec, and Mendubim is the company’s second project of this type in the country.
Construction of Equinor’s First Solar Power Plant in Brazil
Olav Kolbeinstveit, Senior Vice President of Energy and Markets in the Renewables Division at Equinor, stated that the Mendubim project represents a considerable increase in the Norwegian company’s renewable energy investments in Brazil and a significant step toward establishing a solar portfolio here.
According to Olav, starting in 2024, Mendubim will generate about 1.2TWh of energy annually, enough to supply more than 620,000 households in Brazil.
More than a thousand direct and indirect jobs will be created during the construction phase.
The total capital expenditure (capex) for the project is expected to be around € 409 million (approximately US$ 430 million).
The partners will provide project financing and equity financing to construct the asset.
Within the range of 4% to 8% that Equinor projected for renewable energy, Mendubim is designed to deliver genuine project-based profits.
Alunorte, a global leader in alumina supply for the aluminum industry, has secured the acquisition of about 60% of the electricity generated through a 20-year power purchase agreement (PPA) valued in US dollars.
The remaining 40% of production will be sold to Brazil’s electricity grid.
Hydro Energy and Equinor’s wholly-owned energy trading business, Danske Commodities, are expected to provide energy trading services.
Danske Commodities has opened a trading branch in São Paulo to support Equinor’s operations there.
