Hydro Rein and Macquarie Form Partnership to Build and Operate a 586 Megawatt Wind and Solar Plant in Northeast Brazil

Written by Valdemar Medeiros

Published on 03/06/2022 at 12:25

Updated on 05/06/2022 at 15:34

Ilustração Usina eólica e solar – imagem: getty Images /Luzipo

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Hydro Rein and Macquarie Asset Management Signed a Joint Venture for the Construction of a Wind and Solar Power Plant in the Northeast of the Country, with Initial Investment of US$ 700 Million

Hydro Rein, a company of the Norsk Hydro group for renewable energies, and the Green Investment Group (GIG), a green investment fund of Macquarie Asset Management, have formed a new joint venture for the development of a hybrid project involving the construction and operation of a wind and solar power plant with 586 megawatts of capacity in the Northeast of the country, to generate electricity for the bauxite mine of Hydro Paragominas. The complex is named Feijão, will be installed in the states of Pernambuco and Piauí, and was structured under the self-production model.

Wind and Solar Power Plant Project in Northeast of the Country Will Receive US$ 700 Million in Investments

The energy was negotiated through a long-term power purchase agreement (PPA) with Hydro Paragominas and Alunorte, both part of the Hydro group, which is investing in its global goal to reduce CO2 emissions by 30% by 2030.

In addition to providing clean energy to the bauxite mine, the Northeast wind and solar plant will also allow the Alunorte alumina refinery to install new electric boilers. The two anchor clients of the project are in Pará.

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Wind Plant Will Have Capacity of 456 MW and Solar Plant of Up to 130 MW

The park, which will be located in the Northeast states, specifically in Piauí and Pernambuco, is expected to further reduce Hydro Rein’s carbon emissions and will initially include about 80 turbines with a combined capacity of 456 MW. Regarding the solar plant, the estimate is that around 130 MW of production will be generated in the second phase.

According to Olivier Girardot, director of Hydro Rein, in a statement, this project with Macquarie is an important milestone in Alunorte’s decarbonization efforts and also an essential milestone for Hydro Rein to advance its asset portfolio in the country.

It is also important to note that the Hydro group has remained active in developing new renewable energy projects in Brazil.

Meet Hydro Rein and Macquarie

Since 2015, Hydro has been contributing to the development and risk reduction of 2.5 GW of onshore wind projects in Sweden and Norway from a long-term offtake position. The company is also developing battery use cases in its plants to establish storage capacity and avoid price spikes and electricity rate surges.

Macquarie Asset Management (MAM), on the other hand, provides investment solutions to clients across various resources in Public Investments and Private Markets, including infrastructure, agriculture, green investments, natural assets, real estate, private credit, asset financing, fixed income, and many more. The company has about 2,400 employees operating in 24 markets across Australia, Europe, the Americas, and Asia. It has been managing assets for institutional and retail investors since the 1980s in the United States and Australia.

Hydro Rein and Macquarie Form Partnership to Build and Operate a 586 Megawatt Wind and Solar Plant in Northeast Brazil

Hydro Rein and Macquarie Asset Management Signed a Joint Venture for the Construction of a Wind and Solar Power Plant in the Northeast of the Country, with Initial Investment of US$ 700 Million

Wind and Solar Power Plant Project in Northeast of the Country Will Receive US$ 700 Million in Investments

Wind Plant Will Have Capacity of 456 MW and Solar Plant of Up to 130 MW

Meet Hydro Rein and Macquarie

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Hydro Rein and Macquarie Form Partnership to Build and Operate a 586 Megawatt Wind and Solar Plant in Northeast Brazil

Hydro Rein and Macquarie Asset Management Signed a Joint Venture for the Construction of a Wind and Solar Power Plant in the Northeast of the Country, with Initial Investment of US$ 700 Million

Wind and Solar Power Plant Project in Northeast of the Country Will Receive US$ 700 Million in Investments

Wind Plant Will Have Capacity of 456 MW and Solar Plant of Up to 130 MW

Meet Hydro Rein and Macquarie

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A giant half-ton ring fell in Kenya from space, and more than a year later, scientists still do not know where it came from.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

In Botswana, a salt flat of up to 16,000 km² that was once an African megalake spends months as an absolute white desert, but during the rainy season it transforms into a shallow sea that reappears from nowhere and can be seen from space in the middle of southern Africa.

Bavarian archaeologists unearthed a medieval skeleton that had an articulated iron hand in place of its left arm, and the discovery reveals that doctors were already creating sophisticated prosthetics over 500 years ago.

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