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Equinor has signed an agreement with Denham Capital to acquire Rio Energy, an onshore renewables company in Brazil. The transaction includes selected assets and the team, while Denham Capital will retain certain assets.
Following the transaction, and after the carve-out of certain assets by Denham Capital, Equinor will hold a 100% stake in Rio Energy and retain the current management team and a total of about 140 employees. The acquired portfolio consists of the 0.2 GW Serra da Babilonia 1 producing onshore wind farm in the north-eastern state of Bahia, a 0.6 GW pre-construction solar PV portfolio and a project pipeline of about 1.2 GW of onshore wind and solar projects. Rio Energy will be a fully owned Equinor subsidiary, and the team and management will continue to develop its current portfolio.
The produced power is planned to be managed in the Brazilian power market by Equinor’s wholly owned energy trading house Danske Commodities (DC). DC recently established a trading office in São Paulo to support Equinor’s activity in the country.
The transaction is subject to relevant regulatory approvals.