Equinor acquires Brazilian renewables entity

BRASíLIA, July 24, 2023 – Equinor has signed an agreement to acquire onshore Brazilian renewables player Rio Energy, the Norwegian NOC announced on Friday.

The 100% buyout will see Equinor take ownership of the 200-MW Serra da Babilonia 1 onshore wind farm in Bahia state, a 600-MW pre-construction solar portfolio and an additional pipeline of 1.2 GW of onshore wind and solar projects.

“Through Rio Energy, Equinor will take a leading position in the rapidly growing Brazilian renewables industry,” said Pål Eitrheim, executive vice-president for renewables of Equinor.

The transaction is subject to regulatory approvals.

Cost of the acquisition was not divulged.

Equinor currently works in the renewables segment in Brazil through its 162-MW Apodi solar farm in Ceara state and is currently building a 531-MW solar farm in Rio Grande do Norte state.

Read our latest insights on: