Scatec Signs MoU with Equinor and Hydro for a 480 MW Solar Project in Brazil

Oslo, Norway - Scatec has signed a Memorandum of Understanding (MoU) with Equinor and Hydro with the purpose to jointly develop a 480 MW solar power plant in Brazil.

“We are pleased to partner with Hydro and Equinor, and believe this will be a fruitful collaboration. We all have mutual interests in cooperating and developing this solar project, combining Scatec and Equinor’s experience within large-scale renewable energy projects with Hydro’s strong competence from the energy markets and their demand for clean and cost efficient power in Brazil”, says Terje Pilskog, EVP Project Development & Project Finance at Scatec.

With focus on renewable energy and a well-developed regulatory framework, the solar market in Brazil has significant long-term potential. Scatec and Equinor are jointly developing a portfolio of projects in Brazil, and currently have a 162 MW solar plant in operation.

The MoU provides a framework to realise the project on a site already secured in Rio Grande do Norte in Brazil by Scatec and Equinor. According to the companies, the MoU contemplates joint ownership and development of the project by the three parties and offtake of part of the production by Hydro. Subject to final agreement, the companies aim to reach an investment decision in 2021.

Scatec is an integrated independent renewable power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long-term player, Scatec develops, builds, owns, operates and maintains power plants and has an installation track record of more than 1.6 GW. The company has a total of 1.9 GW in operation and under construction on four continents.

Source: IWR Online, 10 Dec 2020