Brazilian Oil Major Looking Into Solar

Oil Company Petrobas Of Brazil Signs Non-Binding Memorandum Of Understanding With Total & Total Eren For Joint Business Development In Solar & Onshore Wind
05:42 AM (Beijing Time) - 12. July 2018

Key Takeaways

  • Brazil’s Petrobas has signed MoU with France’s Total and Total Eren to analyse joint business development in the field of renewable energy
  • Through this non-binding agreement, the three will focus on collaboration in solar and onshore wind segments
  • This will help dilute risks associated with renewable energies business in the country and potential economies of scale and synergies, according to Petrobas

 


Brazil’s state owned oil giant Petrobas has entered into a non-binding agreement with France’s Total and Total Eren to jointly pursue opportunities in solar and onshore wind segments. Without divulging any other details, Petrobas said it has signed a MoU with the two companies to analyse joint solar and wind business development in Brazil.

Petrobas already has four operational wind farms with 104 MW combined capacity. It also owns a 1.1 MW PV research and development system in Rio Grande do Norte. In comparison, Total has a significant experience and presence in the  PV value chain through its subsidiaries SunPower and Total Solar. It acquired an indirect stake in Eren Renewable Energy, now called Total Eren, which has over 950 MW of RE in operation or under construction globally.

Partnering with such renewables firms rooted in oil & gas, Petrobas is hoping for dilution of risks related to the renewable energies business in the country and potential economies of scale and synergies.

“The conclusion of this agreement is part of Petrobras’ strategy to develop high-value businesses in renewable energy in partnership with major global players, to facilitate the transition to a low-carbon matrix,” read an online statement from Petrobas. The company added that though the MoU is non-binding, it indicates the willingness of the companies to work together to develop projects in these segments.Sola

Anu Bhambhani

Anu Bhambhani is the News Editor of TaiyangNews

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Anu Bhambhani