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Scatec signed a memorandum of understanding (MoU) on Wednesday (9), with Equinor and Hydro, for the purpose of simultaneously developing a 480 MW solar power plant.
Having a focus on solar energy and a well-developed balanced benchmark, the renewable energy niche in Brazil has significant long-term potential, building on this Scatec and Equinor are simultaneously developing a portfolio of projects in Brazil, and currently have in owns a 162 MW solar power plant in operation.
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According to Terje Pilskog, the partnership between Hydro and Equinor promises to yield good results
According to Terje Pilskog, EVP Project Development & Project Finance of Scatec, said: “We are pleased to partner with Hydro and Equinor, and we believe it will be a fruitful synergy. We all have a mutual interest in cooperating and developing this solar-based project, combining Scatec and Equinor's experience within large-scale renewable energy projects with Hydro's strong competence in the energy markets and their demand for clean energy. and economy in Brazil”.
Hydro's intention is to ensure that, by 2030, at least 30% of CO2 emissions are reduced in its operations, and most of this reduction will come from Brazil.
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The three companies will reach an investment decision for the year 2021
The MoU provides a basis for carrying out the project in a location already defined in Rio Grande do Norte by Scatec and Equinor. The MoU offers joint ownership and development of the project by the three parties and withdrawal of part of the production by Hydro. Subject to final agreement, the companies aim to reach an investment decision by mid-2021.
