- Norsk Hydro has entered partnerships to develop and co-own renewable energy projects in Brazil
- With Scatec and Equinor, it will develop a 480 MW solar power project in Rio Grande do Norte
- GIG will help it set up a combined solar and wind power plant in Piauí/Pernambuco with 620 MW capacity
Norway headquartered global aluminium company Norsk Hydro has announced partnerships with industry players to lower its carbon footprint with the help of solar and wind energy. It has announced 2 separate agreements—one with Norway’s PV developer Scatec and power company Equinor for a 480 MW solar power plant and another with the Green Investment Group (GIG) for a 620 MW wind and solar power project.
Hydro said these 2 projects are an important step for its newly established Renewable Growth Unit that targets to offer competitive renewable power to its industrial assets by taking equity, and operator positions in wind, solar and hydropower projects in Brazil and the Nordics.
The 480 MW solar project by Scatec and Equinor will come up in Rio Grande do Norte where land has been secured. Under the memorandum of understanding (MoU) signed between the 3, the project will be owned and developed by the trio with Hydro sourcing some of the power generated.
With the GIG, Hydro plans to jointly develop a combined solar and wind power project with 620 MW capacity in Piauí/Pernambuco, northeast in Brazil.
For both the projects, subject to final agreement, an investment decision is expected in 2021.
“Hydro aims to lower the CO2 footprint from our operations by 30% by 2030, and most of the reduction will come from Brazil. To reach that target, sufficient access to renewable energy is fundamental,” said Head of Renewable Growth in Hydro Energy, Olivier Girardot.