Skip to content

Hydro Rein and Macquarie Asset Management’s Green Investment Group to develop hybrid wind and solar project in Brazil

Hydro Rein and Macquarie Asset Management’s Green Investment Group (GIG) have entered into agreements to form a joint venture to build and operate Feijão, a 586 MW combined wind and solar power project in the northeast of Brazil.

Solar and wind renewable energy

The project will supply electricity to Hydro’s bauxite mine Paragominas and will further reduce carbon emissions from Hydro’s alumina refinery Alunorte, by enabling coal replacement towards 2030. Alunorte and Paragominas have both signed long-term US dollar power purchase agreements (PPAs) with Feijão under Brazilian self-production structure, enabling the project as sole off-takers. The project will be an important enabler to reach Hydro’s target of a 30% CO2 reduction by 2030.

The hybrid wind and solar project is located in the states of Piauí and Pernambuco, and will be built in one of the largest wind farm clusters in Latin America. 80 turbines with a combined capacity of 456 MW will be constructed in phase one, with the option to develop up to 130 MW of solar power production in phase two.

Final investment decision for the wind farm is expected in the fourth quarter of 2022, while an investment decision for the solar project will be taken at a later stage.

“We are very pleased to play a part in developing more renewable energy in Brazil together with Green Investment Group. This project is an important milestone in the efforts to decarbonize Alunorte and an important milestone for Hydro Rein developing its portfolio of Brazilian assets,” says Olivier Girardot, Head of Hydro Rein.

Total capital expenditure for the wind farm is estimated at USD  700 million (100% basis). Hydro Rein’s ownership share will be 49.9%, with the remaining 50.1% held by the Macquarie Green Investment Group Renewable Energy Fund 2.

“Brazil has vast potential for wind development, and we are delighted to be partnering with Hydro on this late-stage project. Hydro’s Brazilian energy market expertise and regional presence, combined with our global wind and infrastructure experience, make for a strong partnership that can provide a boost to Brazil’s supply chain and the region’s ambitions to engage with the global wind opportunity,” says Mark Dooley, Global Head of Green Investment Group.

Sobre Hydro Rein

A Hydro Rein foi criada em 2021 como parte da estratégia da Hydro de crescer em energias renováveis. A empresa pretende tornar-se o fornecedor preferencial de energia renovável e outras soluções de energia para clientes industriais.

A Hydro Rein tem um pipeline significativo de projetos eólicos e solares no Brasil e nos países nórdicos para fornecimento de energia de longo prazo para a Hydro e outros offtakers industriais. A Hydro Rein também está desenvolvendo uma gama de soluções de energia para auxiliar as indústrias no gerenciamento e otimização de seu consumo de energia e armazenamento por trás do medidor.

About Green Investment Group

Green Investment Group (GIG) is a specialist green investor within Macquarie Asset Management, and a global leader in the development of companies, assets and technologies that aim to accelerate the global transition to net zero. Initially launched by the UK Government in 2012 as the Green Investment Bank, it was the first institution of its type in the world.

Acquired by Macquarie in 2017, GIG has grown to become one of the world’s largest green investors with a development pipeline of more than 35 GW in over 25 markets, spanning established renewables and emerging green technologies.


Line Haugetraa

Line Haugetraa

Head of Investor Relations

Maria Melfald Tveten .jpg

Maria Melfald Tveten

Head of Communication & Public Affairs, Hydro Energy

Recommended for you