Major Global Oil Companies Seek Renewable Assets in Brazil

Written by Flavia Marinho

Published on 03/04/2019 at 01:00

Updated on 02/04/2019 at 21:55

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Global Oil Giants Are Eyeing Brazil’s Energy Market, Seeking New Opportunities for Acquiring Renewable Assets in the Country, As It Is Currently Seen as One of the Most Attractive Markets in the World for Investments in Wind and Solar Generation.

Last month, Petrobras president Roberto Castello Branco made statements that contrast with the initiative of foreign companies, which appear to be in the initial stages. The Norwegian company Equinor and the French company Total are involved, among others, as they have clean energy assets in Brazil. Shell and British BP also seem to be targeting the sector.

At the moment, according to Petrobras’ CEO, renewables are not the company’s priority right now, but from a long-term perspective, it may become one, given the state-owned company’s focus on investments in deep and ultra-deepwater oil and gas exploration.

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Wind or solar projects are part of the desire among foreign companies, mainly operational assets or those still on paper but already with contracts for energy sales, said one source, who spoke on condition of anonymity.

“They have been looking, evaluating some processes (of mergers and acquisitions), but today there are not so many good assets available on the market”, he stated. “Yes, yes, we have felt this movement, indeed. It is still a moment of study, of defining routes, of paths. This movement is global”, confirmed an anonymous source.

“Our team in Brazil is currently working on developing new projects and is still looking for new (assets)”, said a representative of Total Eren, who declined to comment on specific business deals.

Aquinor is committed to providing energy in a more sustainable manner and believes that energy generation from renewable sources will be a fundamental part of this. “Worldwide, Equinor is committed to providing energy in a more sustainable way, and we believe that energy generation from renewable sources will be a fundamental part of this. Brazil has great potential for solar and wind energy generation, and we are carefully evaluating business opportunities in the country”, he stated.

Petrobras’ new CEO, Roberto Castello Branco, recently said that the company still needs to assess whether it makes sense to allocate resources to wind and solar projects. “Before we invest in renewable energy, we need to answer a basic question: do we have the competencies to succeed in this type of business?”, he said.

Wind and solar plants, despite their enormous potential, still do not have a strong presence in Brazil, where hydroelectric generation still predominates, but their expansion has been rapid. Wind generation currently accounts for about 9% of the capacity in the country, while solar represents only 1.27%, according to the National Electric Energy Agency (Aneel).

Major Global Oil Companies Seek Renewable Assets in Brazil

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Major Global Oil Companies Seek Renewable Assets in Brazil

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Without bricks, without cement, and without endless construction: the cardboard house that is assembled in modules and can be moved.

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