Norwegian triad start 531MW Brazilian PV build
- Scatec, Equinor and also Hydro Rein are developing the Mendubim project in Rio Grande do Norte
Norwegian companies Scatec, Equinor and also Hydro Rein have actually started building of the 531MW Mendubim solar farm in the state of Rio Grande do Norte, Brazil.
The companies have additionally signed a 20-year United States dollar-denominated power acquisition agreement (PPA) with Alunorte, a provider of alumina for the aluminium sector, for approximately 60% of the anticipated power created.
The remaining volume will be marketed in the Brazilian power market.
The companions are currently putting orders for key components and also starting site preparation tasks.
The estimated total capital expenditure for the project is $430m to be financed by a mix of non-recourse project debt and also equity from partners.
Financial close and the very first disbursement of project money financial debt are anticipated by the end of 2022.
Scatec president Terje Pilskog stated: "This investment is a key milestone in supplying on our approach and will enhance our position in a major renewable energy development market with strong partners including Equinor and also Hydro Rein.
" Brazil's solar power market is anticipated to additional accelerate, and we delight in to move ahead with this exciting project, that will help to power 620,000 families in Brazil."
Hydro Rein head Olivier Girardot claimed: "Brazil is leading the way within solar energy in Latin America, as well as we are extremely delighted to take part in this advancement together with Equinor and Scatec. Mendubim enables better decarbonisation of Alunorte, which is key to reach Hydro's target of a 30% CO2 decrease by 2030."
All 3 partners have an equivalent economic passion of 33.3% in the project as well as will collectively give design, purchase as well as construction services.
Scatec will offer procedure and maintenance in addition to possession management services to the power plants together with the companions.