Equinor acquires Rio Energy

Equinor has settled an agreement with Denham Capital to acquire Rio Energy, a leading onshore renewable fuels company in Brazil.

The deal is in line with Equinor’s strategy to grow its onshore renewables business in select markets, through acquisition of local companies with high-quality teams and project pipelines.

Following the transaction, 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 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.

‘Through Rio Energy, Equinor will take a leading position in the rapidly growing Brazilian renewables industry. It accelerates production and cash flow, gives us a strong platform for growth, and adds capabilities and an attractive project pipeline,’ says Pål Eitrheim, Equinor’s executive vice president for renewables.

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Source: www.tankstoragemag.com