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Hydro and Macquarie plan wind and solar energy plant in Brazil
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OSLO (Reuters) -Norsk Hydro’s Rein and Macquarie Asset Management’s Green
OSLO (Reuters) -Norsk Hydro’s Rein and Macquarie Asset Management’s Green Investment Group plan to build and operate a 586 megawatt wind and solar power plant in the northeast of Brazil, the companies said on Wednesday.
A final investment decision for the $700 million wind farm portion of the project is expected in the fourth quarter of 2022, while a decision on the solar plant will be taken at a later stage.
The project will supply 100% of the electricity required for Hydro’s Paragominas bauxite mine and will reduce carbon emissions from Hydro’s Alunorte alumina refinery, replacing coal.
“The project will be an important enabler to reach Hydro’s target of a 30% CO2 reduction by 2030,” the two firms said in a joint statement.
In the first phase, 80 wind turbines with a combined capacity of 456 MW will be constructed, with the option to develop up to 130 MW of solar power production in phase two.
Rein, Hydro’s renewables unit, will own 49.9% of the project while Macquarie Green Investment Group Renewable Energy Fund 2 will hold the remaining 50.1%.
(Reporting by Terje Solsvik, editing by Stine Jacobsen)
Frequently Asked Questions about Hydro and Macquarie plan wind and solar energy plant in Brazil
1What is renewable energy?
Renewable energy is energy generated from natural resources that are replenished constantly, such as sunlight, wind, and water. It is considered more sustainable than fossil fuels.
2What is solar power?
Solar power is energy harnessed from the sun's rays using solar panels. It is a clean and renewable source of energy used for electricity generation.
3What is wind energy?
Wind energy is the process of converting wind into electricity using wind turbines. It is a sustainable and renewable energy source that helps reduce carbon emissions.
4What is carbon reduction?
Carbon reduction refers to efforts made to decrease the amount of carbon dioxide emissions released into the atmosphere, often through the use of renewable energy sources.
5What is an investment decision?
An investment decision is the process of deciding where to allocate funds in order to achieve the best possible return on investment, considering risks and potential rewards.
