Eletrobras, Ocean Winds agree to assess offshore wind projects in Brazil

Published 10/22/2024, 04:33 PM
Updated 10/22/2024, 04:36 PM
© Reuters. The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. REUTERS/Brendan McDermid
ENGIE
-
EDPR
-
ELET3
-

SAO PAULO (Reuters) - Brazilian power firm Eletrobras has signed a memorandum of understanding with Ocean Winds to study the development of offshore wind farms in Brazil, the firms said on Tuesday in a joint statement.

WHY IT'S IMPORTANT

Offshore wind farms are expected to be an important technology to generate large volumes of renewable energy in Brazil in the future.

However, the world's sixth largest producer of onshore wind energy - in capacity terms - does not have offshore farms, as it lacks its own regulatory framework for these projects.

Eletrobras is Latin America's largest power company, while Ocean Winds is a joint venture between Portugal's EDP Renovaveis and France's Engie focused on offshore wind projects.

KEY QUOTES

© Reuters. The logo for Eletrobras, a Brazilian electric utilities company, is displayed on a screen on the floor at the New York Stock Exchange (NYSE) in New York, U.S., April 9, 2019. REUTERS/Brendan McDermid

Ocean Winds said it "strategically directs its efforts to Brazil", citing the country's potential to "meet the growing demand for renewable energy in the long term".

The agreement "allows the development of strategic cooperation, which will contribute to making power generation sources in Brazil and around the world increasingly cleaner and renewable," said Eletrobras director for M&A and business development Leonardo Soares, in the statement.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.