The Norwegian state-owned Equinor has signed an agreement with Denham Capital to acquire Rio Energy, a Brazilian onshore renewables company. Following the transaction, and after the carve-out of certain assets by Denham Capital, Equinor will hold a 100% stake in Rio Energy. The acquired portfolio consists of the 0.2 GW Serra da Babilonia 1 producing onshore wind park in the north-eastern state of Bahia, a 0.6 GW pre-construction solar PV portfolio and a project pipeline of about 1.2 GW of onshore wind and solar projects. The transaction is subject to relevant regulatory approvals.
Equinor has been active in Brazil for more than 20 years through oil and gas projects. The company is now expanding its investments into renewables.
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