EQNR - Equinor to buy Brazil renewable energy producer Rio Energy

2023-07-21 10:35:27 ET

Equinor ( NYSE: EQNR ) said Friday it agreed to acquire Brazilian onshore renewable energy producer Rio Energy from Denham Capital; financial terms were not disclosed.

After the carve out of certain assets by the U.S. P-E firm, Equinor ( EQNR ) said it will hold a 100% stake in Rio Energy and retain the current management team and ~140 employees.

The acquired portfolio consists of the 200 MW Serra da Babilonia 1 producing onshore wind farm in Bahia state, a 600 MW pre-construction solar portfolio, and a project pipeline of ~1.2 GW of onshore wind and solar projects.

Equinor ( EQNR ) said it expects the acquired project portfolio will deliver at the high end of its expected range of 4%-8% real base project return for renewables projects, including acquisition price.

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