Equinor's Solar Power Surge in Brazil

• Equinor's new Mendubim solar plant in Brazil boosts equity power production by 30%, supporting the country's energy transition and sustainable progress.

Equinor ASA has launched its 531-megawatt (MW) Mendubim solar plant in Brazil, increasing its equity power production in the country by 30 percent. The plant is expected to produce 1.2 terawatt-hours (TWh) of power annually, with 60 percent of the power being sold under a 20-year USD-denominated power purchase agreement with Alunorte. The remaining production will be sold on the power market in Brazil. The project was developed and will be operated as a joint venture between Scatec, Hydro Rein, and Equinor.

The Mendubim plant marks Equinor's entry into the deregulated power market in Brazil and is expected to deliver real base project returns in the middle of Equinor's guided range for renewables. The company aims to double its total renewable power generation in Brazil this year and is working to build a material and profitable power portfolio in the country. Equinor's renewables position in Brazil includes the Apodi solar plant, the Serra da Babilônia 1 onshore wind farm, and the Mendubim plant, with over 1.5 gigawatts (GW) of solar and onshore wind projects in the pipeline.

The Mendubim plant is seen as an important contribution to Equinor's diversified energy offering in Brazil, supporting the country's ambitions towards a diverse energy mix and helping to meet the expected power demand growth. The project is also aligned with the partners' commitment to sustainable progress and decarbonization efforts, with approximately 3 million metric tons of carbon dioxide equivalents expected to be avoided. Equinor's long-term presence in Brazil and its investment in renewable energy reflect its commitment to profitable growth and supporting the country's energy transition.

What is Equinor ASA's latest solar project in Brazil and its impact on the country's energy market?

• Equinor ASA's latest solar project in Brazil is the Mendubim solar plant, with a capacity of 531 megawatts (MW).
• The plant is expected to increase Equinor's equity power production in Brazil by 30 percent.
• It is projected to produce 1.2 terawatt-hours (TWh) of power annually, with 60 percent of the power being sold under a 20-year USD-denominated power purchase agreement with Alunorte.
• The remaining production will be sold on the power market in Brazil.
• The Mendubim plant is a joint venture between Scatec, Hydro Rein, and Equinor.
• This project marks Equinor's entry into the deregulated power market in Brazil.
• Equinor aims to double its total renewable power generation in Brazil this year and build a material and profitable power portfolio in the country.
• The Mendubim plant is aligned with Equinor's commitment to sustainable progress and decarbonization efforts, with an expected avoidance of approximately 3 million metric tons of carbon dioxide equivalents.
• Equinor's long-term presence in Brazil and investment in renewable energy reflect its commitment to profitable growth and supporting the country's energy transition.