Equinor acquires Rio Energy including selected assets

Equinor has signed an agreement with Denham Capital to acquire Rio Energy, an onshore renewables company based in Brazil. Under the terms of the deal, Equinor will hold a 100% stake in Rio, purchase selected assets, and maintain the current management team, along with about 140 employees.

Equinor's aim is to expand its position as a broad energy company in Brazil by growing its onshore renewables business in select markets by acquiring high-quality teams and project pipelines.

The acquired portfolio includes the 0.2 GW Serra da Babilonia 1 wind farm in Bahia, a 0.6 GW pre-construction solar PV portfolio, and about 1.2 GW of wind and solar projects.

The transaction is subject to relevant regulatory approvals.