The Macquarie-owned Green Investment Group (GIG) and Hydro Rein have agreed to kind a three way partnership to construct and function a 586MW wind and solar energy project in Brazil’s north-east area.
Named Feijão, the wind and photo voltaic hybrid project shall be developed in the Brazilian states of Piaui and Pernambuco.
Feijão shall be geared up with 80 generators, which shall be delivered by wind turbine producer Nordex.
The project’s first part will contain the event of a wind farm with 456MW of capability, whereas the second part could have the choice to develop a 130MW solar energy facility.
It is estimated that the hybrid project would require a capital expenditure of $700m.
GIG’s Renewable Energy Fund II would be the largest stakeholder in the project, proudly owning 50.1%, whereas the remaining 49.9% stake shall be held by Hydro Rein.
Once operational, the clear power generated by the plant shall be equipped to Hydro Rein’s bauxite mine Paragominas, in addition to its alumina refinery Alunorte, underneath an influence buy settlement.
Hydro Rein head Oliver Girardot mentioned: “We are more than happy to play an element in creating extra renewable power in Brazil along with Green Investment Group.
“This project is an important milestone in the efforts to decarbonize Alunorte and an important milestone for Hydro Rein developing its portfolio of Brazilian assets.”
GIG world head Mark Dooley mentioned: “Brazil has huge potential for wind growth, and we’re delighted to be partnering with Hydro Rein on this late-stage project.
“Hydro Rein’s Brazillian energy market expertise and regional presence, combined with our global wind and infrastructure experience, make for a strong partnership that can provide a boost to Brazil’s supply chain and ambitions to engage with the global wind opportunity.”
Last October, GIG acquired the rights for the Kattegatt offshore wind farm in Sweden.
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GIG and Hydro Rein to develop 586MW renewable project in Brazil & More Latest News Update
GIG and Hydro Rein to develop 586MW renewable project in Brazil & More Live News
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GIG and Hydro Rein to develop 586MW renewable project in Brazil & More News Today
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