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Memorandum of Understanding to investigate the opportunities from renewable energy

renewable energyPetrobras signed a non-binding Memorandum of Understanding with TotalEnergies and Casa dos Ventos this Thursday (14/09), so that they can analyse a number of renewable energy projects in Brazil. The objective is to produce joint studies on the business opportunities from onshore wind farming, offshore wind farming, solar power and low-carbon hydrogen within this country, utilising the respective expertise of each.

The agreement was signed at Petrobras’s headquarters in Rio de Janeiro with the company’s president, Jean Paul Prates, the CEO of TotalEnergies, Patrick Pouyanné, and the president of Casa dos Ventos, Mario Araripe, in attendance. “Petrobras has taken another important step forward in achieving a fair and inclusive energy transition with this new agreement with TotalEnergies and Casa dos Ventos, who are both heavyweights in renewable energy. Our aim is to work with the major players to invest in low-carbon projects so that we can build on the research into the technology and the new business activities, within this country. If they are viable and are fully implemented, these initiatives will make a decisive contribution to increasing the renewable energy supply in Brazil,” says Mr Prates.

Petrobras and TotalEnergies are already working together on major exploration and production assets in Brazil, including Mero, Iara, Atapu and Sépia. They have also had a strategic partnership on research and development in this country since 2017. “Extending this partnership to renewables is a natural step and fits with both companies’ strategy of developing towards a fair energy transition. Casa dos Ventos, meanwhile, provides expertise in developing onshore wind farms and solar power projects in Brazil,” adds Mr Prates. Petrobras is the largest energy company in Brazil and its technical ability in many areas is well recognised. Its current offshore operations should have much that can be applied to future offshore wind farming, for example. In addition, Petrobras has a significant amount of data and information about the Brazilian coast, which could help to speed up the development of offshore projects.

The agreement lasts for two years. During this period, they will be evaluating joint investment opportunities in onshore and offshore wind farming, as well as in hydrogen and solar power. These are in line with the drivers in the, previously announced, Petrobras Strategic Plan, which aims to diversify into low-carbon businesses, preferably through partnerships that provide for shared risk and expertise. If these opportunities prove to be viable and are in the interest of all parties, there will need to be further binding agreements before any investment can be made.

Photo: Patrick Pouyanné, CEO of TotalEnergies; Jean Paul Prates, president of Petrobras, and Mario Araripe, president of Casa dos Ventos, sign a memorandum of understanding to evaluate business in renewables. Photo courtesy of Mauricio Bazilio.