Scatec to build 532MW solar project in Brazil, brings regional pipeline to 2GW+

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The agreement was reached and signed after close discussions between Scatec management and state officials. Image: Sandro Menezes/ASSECOM-RN.

Norwegian renewables company Scatec is to build a 532MW solar PV project in the Brazilian state of Rio Grande do Norte through a US$320 million investment following agreement from state authorities.

The Mendubim project, located in the municipality of Assu, is being realised in partnership with Norwegian energy companies Equinor and Hydro and will be built over the next 17 months, becoming operational in the latter half of 2023.

The size of the project has increased significantly since it was first mooted at the end 2020, when it had a planned capacity of 480MW. In Q4 2021, Equinor and Hydro signed commitments outlining commercial terms for 20-year power purchase agreements (PPAs).

Axel Holmberg, senior vice president of business development in Latin America for Scatec, told PV Tech that the company sees the region, and Brazil in particular, as a key growth market. This is despite project financing constraints in Brazil, which has a complex arrangement of commercial and development banks offering loans for different aspects of a project.

The Mendubim complex is one of more than 40 solar projects with a closed and signed contract scheduled to operate in Rio Grande do Norte until 2026, representing a total investment of US$1.33 billion, Scatec said. Once complete, Mendubim will be the largest project in the state, it added.

Scatec, which operates globally, had a Q4 2021 pipeline of 2,147MW in Latin America, according to its Q4 financial results.  

At the start of this month, Scatec said it underwent a “transformational” year in 2020, with its total renewables pipeline now standing at a record high of 10.5GW.

Read Next

May 9, 2022
Russia’s invasion of Ukraine was blamed for a collapse in Q1 earnings recorded by independent power producer (IPP) Scatec.
May 4, 2022
Oil and gas company Galp is acquiring a portfolio of under development solar plants in Brazil with a combined capacity of up to 4.6GWp.
April 26, 2022
Aker Horizons and Statkraft have signed collaboration agreements to jointly explore opportunities for green hydrogen and ammonia production in India and Brazil
April 20, 2022
Technical advisory TÜV Rheinland has issued its first green hydrogen and green ammonia certification globally to Green Hydrogen & Chemicals, a joint venture between solar developer ACME Group and renewable company Scatec.
March 28, 2022
Raymond Carlsen is stepping down as CEO of independent power producer Scatec after 13 years in the role, to be replaced by the company’s EVP of project development, Terje Pilskog.
March 25, 2022
French renewables company Voltalia’s financial performance last year was boosted by the growth of its project development, construction and equipment procurement segment, as the company heightened its focus on developing solar PV.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas