OSLO, June 1 (Reuters) – Norsk Hydro’s (NHY.OL) Rein and Macquarie Asset Management’s Green Investment Group plan to construct and function a 586 megawatt wind and solar energy plant in the northeast of Brazil, the businesses stated on Wednesday.
A last funding choice for the $700 million wind farm portion of the venture is anticipated in the fourth quarter of 2022, whereas a call on the solar plant will likely be taken at a later stage.
The venture will provide 100% of the electrical energy required for Hydro’s Paragominas bauxite mine and will scale back carbon emissions from Hydro’s Alunorte alumina refinery, changing coal.
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“The project will be an important enabler to reach Hydro’s target of a 30% CO2 reduction by 2030,” the 2 corporations stated in a joint assertion.
In the primary section, 80 wind generators with a mixed capability of 456 MW will likely be constructed, with the choice to develop as much as 130 MW of solar energy manufacturing in section two.
Rein, Hydro’s renewables unit, will personal 49.9% of the venture whereas Macquarie Green Investment Group Renewable Energy Fund 2 will maintain the remaining 50.1%.
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Reporting by Terje Solsvik, enhancing by Stine Jacobsen
Our Standards: The Thomson Reuters Trust Principles.
Hydro and Macquarie plan wind and solar energy plant in Brazil & More Latest News Update
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