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Equinor (EQNR) & Partners to Develop New Solar Farm in Brazil
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Equinor ASA (EQNR - Free Report) is planning to jointly develop a 480-megawatt (MW) solar project in Brazil with renewables company Scatec Solar ASA and aluminum company, Norsk Hydro ASA (NHYDY - Free Report) , per reports. The companies have reportedly signed a memorandum of understanding for the project development.
The solar farm is expected to be located in the Rio Grande do Norte state. An investment decision for the project is likely to be achieved by the next year. Per the deal, a portion of the produced power is expected to be used by Hydro, which intends to reduce carbon dioxide footprint from operations by 30% within 2030. A massive reduction in carbon dioxide footprint will likely take place in Brazil.
Notably, Equinor and Scatec Solar are already working on several solar projects in Brazil. As such, the deal will further boost the companies’ strong bond. At present, a 162-MW facility owned by these companies is operational. Equinor has carried out several moves for transforming to a greener energy company.
It recently joined the biggest green hydrogen project in Europe, the NortH2 project, which was launched this February by Royal Dutch Shell plc and others. Moreover, it announced that Italy-based energy major, Eni S.p.A. (E - Free Report) has agreed to join its famous Dogger Bank Wind Farm project. Equinor has signed a deal to divest 10% to Eni for £202.5 million. The deal underlines Equinor’s efforts to generate value from renewable assets.
The integrated firm’s key strategy is to capitalize on the renewable energy space and align its operations with the Paris Climate Agreement. As such, it is investing actively in renewable energy projects, comprising power generation from solar and wind energy. Equinor expects to boost production capacities from renewables to 4-6 gigawatts (GW) by 2026. The company also plans to become a net-zero greenhouse gas emitter by 2050. Moreover, by 2035, it plans to further boost the capacity of renewable projects to 12-16 GW.
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Equinor (EQNR) & Partners to Develop New Solar Farm in Brazil
Equinor ASA (EQNR - Free Report) is planning to jointly develop a 480-megawatt (MW) solar project in Brazil with renewables company Scatec Solar ASA and aluminum company, Norsk Hydro ASA (NHYDY - Free Report) , per reports. The companies have reportedly signed a memorandum of understanding for the project development.
The solar farm is expected to be located in the Rio Grande do Norte state. An investment decision for the project is likely to be achieved by the next year. Per the deal, a portion of the produced power is expected to be used by Hydro, which intends to reduce carbon dioxide footprint from operations by 30% within 2030. A massive reduction in carbon dioxide footprint will likely take place in Brazil.
Notably, Equinor and Scatec Solar are already working on several solar projects in Brazil. As such, the deal will further boost the companies’ strong bond. At present, a 162-MW facility owned by these companies is operational. Equinor has carried out several moves for transforming to a greener energy company.
It recently joined the biggest green hydrogen project in Europe, the NortH2 project, which was launched this February by Royal Dutch Shell plc and others. Moreover, it announced that Italy-based energy major, Eni S.p.A. (E - Free Report) has agreed to join its famous Dogger Bank Wind Farm project. Equinor has signed a deal to divest 10% to Eni for £202.5 million. The deal underlines Equinor’s efforts to generate value from renewable assets.
The integrated firm’s key strategy is to capitalize on the renewable energy space and align its operations with the Paris Climate Agreement. As such, it is investing actively in renewable energy projects, comprising power generation from solar and wind energy. Equinor expects to boost production capacities from renewables to 4-6 gigawatts (GW) by 2026. The company also plans to become a net-zero greenhouse gas emitter by 2050. Moreover, by 2035, it plans to further boost the capacity of renewable projects to 12-16 GW.
Price Performance & Zacks Rank
Equinor’s stock has increased 7.3% in the past three months compared with the 13.2% rise for the industry. It currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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