The solar project will be built with an estimated capital expenditure of $430m. Credit: Equinor.

Norwegian energy firm Equinor has reached a final investment decision on the 531MW Mendubim solar project in Brazil.

Located in Rio Grande do Norte, Mendubim is a joint venture project between Scatec, Hydro Rein and Equinor.

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The project will produce around 1.2TWh of power a year, which is equivalent to the electricity consumption of 620,000 Brazilian households.

It is also expected to create more than 1,000 direct and indirect jobs in its construction phase.

The three partners each own a 33.3% interest in the project and will jointly provide engineering, procurement and construction services for it.

Scatec and Equinor have agreed to offer asset management services, as well as operation and maintenance services, for the solar facility.

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The project will be built with an estimated capital investment of $430m, which will be a combination of project financing and equity contribution from all partners.

Equinor Renewables power and markets senior vice-president Olav Kolbeinstveit said: “With the Mendubim project, we expand our investments in renewables in Brazil considerably, and take an important step towards building a material solar portfolio in the country.”

Around 60% of the clean energy generated by the solar farm will be sold to Alunorte under a 20-year power purchase agreement (PPA), while the remaining 40% will be sold in the Brazilian power market.

The power trading services are expected to be provided by Hydro Energia and Equinor’s energy trading house, Danske Commodities.

Equinor Brazil country manager Veronica Coelho said: “Equinor has conducted business in Brazil for over two decades, and we see the country as a core area for safe and sustainable long-term growth.

“We are working to build a diversified energy offering with a robust oil and gas portfolio and an attractive renewables position.

“Mendubim will be an important milestone for Equinor’s ambitions of being a leading company in the energy transition.”