Norwegian fossil fuel major Equinor has acquired Brazilian renewable energy company Rio Energy from investment firm Denham Capital including several associated assets.
The acquired portfolio includes the 200MW Serra da Babilonia 1 onshore wind project, in the north-eastern state of Bahia, and a project pipeline of 1.2GW of onshore wind and solar projects.
In a statement today (Friday, 21 July) Equinor said its 100% purchase of Rio Energy was agreed with Denham Capital, which will carve out unspecified Rio Energy assets under the terms of the deal.
Equinor said the acquisition would further its plans to become a leading renewable energy supplier in South America’s largest market.
Brazil is currently seeking to expand its offshore wind capacity. In January the government issued a decree allowing for exploration of offshore wind zones, and in June it said it hopes to pass a regulatory framework for offshore wind by the end of the year.
Equinor recently invested in other smaller renewable energy companies, including Noriker Power in the UK, and East Point Energy in the US. The company currently has an installed wind capacity of 1.4GW according to “uåX˜äŠÊ˜·³Ç Intelligence.
The Norwegian energy firm is one of several companies exploring offshore wind development in Brazil. It signed an accord with Brazilian state energy company Petrobras to evaluate the potential of seven offshore wind projects in the country.
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