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Hydro signs MoUs for renewable energy projects in Brazil

Hydro signed two Memoranda of Understanding (MoUs) with the objective of developing two renewable energy projects in Brazil

Solar and wind renewable energy

Renewable energy is an important step towards a more sustainable future and is a key element on Hydro's strategic agenda. These agreements are an important step for Hydro's newly established Renewables unit, which aims to offer competitive renewable energy to Hydro's industrial assets, assuming shareholding and operational positions in wind, solar and hydroelectric projects in Brazil and in the Nordic countries.

“Hydro aims to reduce the CO 2 footprint of the company's operations by 30% by 2030 and most of the reduction will come from operations in Brazil. To achieve this goal, having sufficient access to renewable energy is essential. This project demonstrates our determination to partner with industry leaders to develop a substantial and balanced portfolio of renewable projects that Hydro can obtain in the near future, ”said Olivier Girardot, Head of Renewables.

The partners will combine their experiences in large-scale renewable energy projects, combined with Hydro's strong competence in the company's energy and human resources markets in Brazil.

MoU with Scatec and Equinor for solar project in Brazil

Hydro signed a MoU with Scatec and Equinor with the aim of jointly developing a 480 Megawatts (MW) solar plant in Brazil. The MoU contemplates the joint ownership and development of the project by the three parties and the withdrawal of part of the energy production by Hydro. Scatec and Equinor have already defined a location for the project in Rio Grande do Norte (RN). Subject to a final agreement, the companies intend to reach an investment decision in 2021.

MoU with Green Investment Group (GIG) for combined wind and solar energy project in Brazil

Hydro signed a MoU with the Green Investment Group (GIG) to jointly develop a combined wind and solar energy project with 620 MW of installed capacity. GIG is a global specialist in green infrastructure investment, project delivery and portfolio asset management, as well as related services. The project will be located in Piauí (PI) and Pernambuco (PE). Subject to a final agreement, the companies aim to reach an investment decision in 2021.

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